SEOUL (Reuters) – South Korea’s finance ministry on Friday said the economy was recovering thanks to improvements in consumer confidence and some economic indicators, although it said the coronavirus may delay a further recovery.
“Fixed prices of DRAM chips and expectations of a global economic recovery were seen rising, but there is a possibility of global economic growth, including China, and the recovery trend in (South Korean) economy being constrained depending on the development of coronavirus outbreak,” the ministry said in its monthly assessment of the economy.
Recent economic indicators have shown signs of recovery in Asia’s fourth-largest economy.
The Bank of Korea’s composite consumer sentiment index in January rose to 104.2 from 100.5 a month earlier, marking the highest reading since June 2019.
The country’s annual inflation also accelerated in January to its fastest in 14 months, Statistics Korea…