By Kim Jae-kyoung
Staff Reporter

The people’s economic pain has reached the worst level in Seoul this year, with the capital city’s ``misery index’’ soaring to the highest level among Korean cities.

In its latest report, the LG Economic Research Institute (LGERI) said that residents and companies in Seoul felt much worse about the economy than their peers in other areas of country.

The economic misery index, which combines the inflation rate and the unemployment rate, was 12.5 in Seoul between January and April, the highest among 16 large cities and provincial areas.

South Chungchong Province was the second worst with an index of 13.9, followed by Kangwon Province with 13.4, North Cholla Province with 13.3, South Cholla Province and Inchon each with 12.7, Taejon with 12.5, and Kwangju with 12.2.

Kyonggi Province recorded 12.1, Taegu 11.9, Cheju 11.8, Pusan 11.5, Ulsan 11.4, North Chungchong Province 11.1, South Kyongsang Province 10.7 and North Kyongsang Province 10.5.

``The economic misery index has been worsening, while the gap between regions has been narrowing,’’ an LGERI economist said.

``The misery index has been deteriorating for the past two years since 2003, and the trend is continuing this year,’’ he added.

The worsening misery index indicates that people are still suffering from the prolonged economic slump and some improvement in economic data has not translated into consumer sentiment and real economic activities.

However, the government doesn’t seem to acknowledge the seriousness of the people’s economic pain.

The government does not seem to be listening to their pain, and work out proper countermeasures. It instead complains that the news media focuses too much on the gloomy side of the economic news.

kjk@koreatimes.co.kr