Now Boiling in World Cup Syndrome

Industries are heavily suffering from the World Cup syndrome. The World Cup is over, but workers are not so enthusiastic about resuming their work. In addition, workers in the financial industry started to work five days a week. Even strikes at some places are adding to the seriousness. In total, the economy, which has slowed down already, faces a gloomier future.

On July 4, 2002, employers complained about the lukewarm attitude of their employees. The workers spent the whole month of June on cheering. Even after the World Cup, many of them fail to concentrate, posing a grave concerns to the employers.

Entrepreneurs and experts worry, “We are blinded by rosy figures. The World Cup’s effects on economy are estimated billions of dollars. But we are talking about the potential the World Cup MIGHT bring in, not about reality. On top of that, some think of soccer as the only goal in life.”

The number of cars made by Hyundai Motors Co., the No. 1 domestic producer, is 46.1% lower than that of this May and 40.5% than last June. Two factors chipped in most. One is the 18 hours of paid holidays to watch the World Cup. The other is the lost time due to the strikes, which occurred in the negotiations for wage hike. The latter amounted to 86 hours.

The Hyundai Motors Co. grumbled, “We lost 452.2 billion won (approximately $36 million) only to the World Cup and strikes. In order to keep up with the contractual demands, we have to raise the volume of production. But workers do not show any signs they will get over the syndrome in the near future.”

Stores across the country also became “victims.” For most of them, their sales volume in June shrank than that of last year or remained at the same. Nonetheless, the working environment is not building up. Therefore, stores have come up with stopgap measures such as early use of the holidays.

Lee Sun-dae, manager of Lotte Department Store, said, “Once the World Cup is over, everybody is thinking not about work, but only about vacation. It’s getting hotter day by day, so now I’m recommending it.”

Son Byong-doo, vice-chairman of the Federation of Korean Industries, analyzed, “The situations, domestic or overseas, are getting worse. Dollar has been losing its value everyday, and the forecast for US economy is gloomier. But the workers do not seem to understand the reality. And the workers’ attitude leads to lack of efficiency.

Kim Choo-hyun, the vice director researcher at the Hyundai Research Institute, warned, “Brazil and Argentina suffered heavy economy setbacks even after hosting the World Cup. We may end up blowing up our money spent for hosting, if we fail to capitalize in on the boosted image of our country and companies brought about through the World Cup.”

Yeon-Su Shin Ho-Won Choi ysshin@donga.com bestiger@donga.com