SEOUL, Nov. 25 (Xinhua) -- Confidence among South Korean consumers over economic conditions worsened to the lowest in over seven years on growing uncertainties at home and abroad, central bank data showed on Friday.
The composite consumer sentiment index (CCSI) stood at 95.8 in November, down from 101.9 in the previous month, according to the Bank of Korea (BOK). It was the lowest since April 2009 when the global financial crisis rattled the world economy.
Concerns emerged about the so-called "consumption cliff," which means a steep decline in private consumption expected to happen later this year or early next year on uncertainties.
On the domestic front, a scandal involving President Park Geun-hye and her longtime confidante is forecast to weaken consumer spending on rising expectations that the political crisis may disrupt economic policies.
President Park has rejected her voluntary resignation, and the National Assembly plans to impeach the scandal-plagued president. The impeachment process is predicted to take months and last until the first half of next year.
External uncertainties also grew as Donald Trump, who is known to be pessimistic about trade relations with South Korea, was elected as next U.S. president.
Consumers are worried about possible reduction in South Korean exports, which account for about half of Asia's No. 4 economy.
Expectations for consumer price inflation, which reflects outlook among consumers for headline inflation in the next 12 months, came in at 2.5 percent, unchanged from the previous month.
