South Korea’s Deadly Crowd Crush Threatens to Weigh on Fragile Economy
- Tragedy compounds difficulty for central bank tightening plan
- Previous disaster involving ferry sinking slowed consumption
A person pays tribute to the victims of the Halloween celebration stampede in Seoul, South Korea.
Photographer: Chung Sung-Jun/Getty ImagesThis article is for subscribers only.
A crowd crush in Seoul that killed more than 150 people may result in weaker South Korean household spending, adding to pressures on the economy that range from rising interest rates to a global slowdown.
A string of festivals, concerts and sales promotions have been postponed or scrapped in response to the crowd surge that occurred during Halloween celebrations. President Yoon Suk Yeol apologized and ordered an investigation into the disaster -- Korea’s deadliest since the 2014 Sewol ferry sinking.