Low Income Earners Hit Most By Recession

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Low Income Earners Hit Most By Recession

The economic shock that occurred after the IMF bailout affected the low income earners the most. Families who had a monthly income of less than one million won saw their gross income drop by 38.3% to 788,900 won after the IMF bailout whereas the income of the middle class, those with a monthly income of on average 3.9 million won fell only 17.3%.
These numbers were contained in a report on consumption comparison before and after the IMF bailout which the Korea Consumer Protection Board carried out in a survey of about 8,600 people.
The average monthly income of surveyed families was 2.1 million won before the IMF bailout and 1.6 million won after the IMF bailout. It dropped an average 23.4%.
Families reduced their monthly private education expenses by 24.4% from 228,400 to 172,700. The number of times families dined out decreased from 4.7 trips per month to 1.3 per month.

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