Business Conditions in Changwon Region to Remain 'Stagnant' Next Year... Improvement Expected in Second Half?

Gyeongnam Changwon Special City Hall. / Photo by Se-ryeong Lee ryeong@

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] Changwon Special City and Changwon Industry Promotion Agency in Gyeongnam announced the "2022 Changwon Corporate Business Outlook" survey conducted over 17 days from November 15 to December 1, targeting 151 small and medium-sized enterprises in the region.

The 2023 Changwon City Business Outlook Index (BSI) recorded 99.3, slightly below the baseline (100), indicating that many companies view next year's economic outlook as similar to or somewhat negative compared to this year. Most industries, including the region's key machinery parts industry, forecast a somewhat pessimistic business outlook.

The outlook for the first half of next year recorded 94.7, showing a poor forecast, but the overall outlook for the entire year was 99.3. Additionally, in the employment sector, the corporate employment outlook recorded 107.3, with many companies expecting improvement compared to this year.

This suggests that while the majority of companies expect the 2023 business climate to be similar to or worse than this year, improvements after the second half of the year lead to positive expectations in employment as well.

Jung Hyun-seop, Director of the Economic and Job Creation Bureau, stated, "Companies are facing many difficulties due to rising raw material prices caused by the global economic slowdown, export regulations, and interest rate hikes," adding, "To prevent the economic downturn from leading to a prolonged recession, we will prioritize tailored support and policy development for economic stabilization and do our best to support companies."

The full 2023 Changwon Corporate Business Outlook report is available on the Changwon Industry Promotion Agency website.

This content was produced with the assistance of AI translation services.