Seoul: More than 8 out of 10 South Korean companies expect Donald Trump's reelection as U.S. president will have a negative impact on the national economy, a survey showed Sunday. In the annual survey on 239 companies with at least 30 employees on their management, 82 percent said the Korean economy will be negatively affected by the protectionist policy of the incoming second Trump administration as it has high dependence on exports. According to Yonhap News Agency, only 7.5 percent of respondents believed that the Korean economy might benefit from Trump's reelection due to his China policy, which is expected to focus on curbing the growth of the world's second-largest economy. This sentiment reflects the concerns of South Korean businesses regarding the potential for increased trade barriers and economic instability. Amid uncertainties surrounding the economy, 49.7 percent of the companies indicated plans to adopt austerity measures next year, with 28 percent aiming to maintain the status quo and 22.3 per cent planning to expand their business operations. The KEF noted that the rate of companies resorting to austerity management was the highest since 2019, highlighting the cautious approach businesses are taking in light of the anticipated economic climate. As part of their austerity measures, 66.7 percent of companies cited cost reduction as the primary strategy, followed by 52.6 percent focusing on the efficient use of manpower and 25.6 percent planning to decrease new investments. The local companies forecast a growth rate of 1.9 percent for the Korean economy next year, with recovery expected to begin after 2026, according to the KEF.