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Posted : 2012-04-05 10:14
Updated : 2012-04-05 10:14

2012 elections seen to impact economy more adversely

Nearly six in 10 South Korean companies expect this year's parliamentary and presidential elections to have a greater negative impact on the economy than previous ones, a poll showed Thursday.

The nationwide survey carried out on 300 companies by the Korea Chamber of Commerce and Industry (KCCI) showed 56.2 percent of the respondents expressing concerns that the elections will be more harmful to the economy.

Another 12.3 percent said the effects will not be different from the past with 31.5 percent predicting the political events could help the economy.

Koreans will go to the polls next Wednesday to pick lawmakers with the presidential election slated for Dec. 19.

"The survey revealed many companies are worried about a large number of campaign pledges made to win votes, which could lead to more economic uncertainties," the KCCI said.

The country's largest private business organization said 40.1 percent of the companies feared the elections will fuel inflationary pressure, with 18.1 percent worried about a possible drop in investment.

The poll, however, showed 96.0 percent of all companies saying they are currently not affected by the race to pick lawmakers or the country's next president.

About 56 percent of businesses cite inflation, household debt and challenges facing the domestic economy as their main concerns, with 47.5 percent concerned about high crude and commodity prices, according to the survey. (Yonhap)

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