By Michael Ha
Staff Reporter
A Korea Times survey has found that 62 percent of Koreans believe that economic recovery will start either in 2010 or 2011 with most people suffering from significant financial trouble in the current economic downturn, more than they endured during the 1997-98 Asian currency crisis.
In the survey of 1,000 Korean adults nationwide, 28.7 percent said their current economic situation was much worse now than 10 years ago during what is commonly referred to in Korea as the ``IMF crisis'' ― 29.6 percent said their situation was somewhat worse than then.
This telephone survey was commissioned by The Korea Times and its parent the Hankook Ilbo, and was conducted by Millward Brown Media Search, Dec. 28 and 29.
Thirty-three percent said their current economic situation was similar to what they faced during the 1997 crisis, while 7.1 percent said they were doing a little better ― only 0.5 percent said they were doing much better.
Additionally, people with the least amount of education appeared to be facing the biggest problems. Among people with only high school diplomas, 74 percent said their economic standing was worse now compared to a decade ago. Most small-business owners as well as farmers and fishermen working in rural regions also said they were worse off now.
The public also believes that their personal finances will get worse in 2009. In the survey, 21.6 percent said they expect their financial situation to get much worse this year, while 38.9 percent said it would get a little worse and 27.5 percent said they expect things to stay the same. Only 10 percent said their economic situation will improve in 2009.
The survey also found that most people don't expect the economy to recover for at least one or two more years; 34.3 percent said they expect the economy to start rebounding beginning in 2010 while 27.7 percent picked 2011. Some 25 percent said they expect at least some recovery beginning in the latter half of this year.
Also in the survey, 38.3 percent said the weak employment market would be the biggest challenge for the economy in 2009 while 14.4 percent cited slowing exports amid the global economic downturn.
Some 44.6 percent said they were most concerned about rising prices of consumer products while 26.7 percent were worried about falling income. Additionally, 13.7 percent said they fretted about the declining value of their homes.