“The North Koreans are now using the propaganda in an extreme form to try to damage foreign direct investments into South Korea,” said Thomas L. Coyner, a member of the American Chamber of Commerce in Korea and the author of “Doing Business in Korea.” “They are, in a sense at this point, winning in an asymmetrical psychological warfare, attacking the economic strength of South Korea.”

John Delury, an American who teaches at Yonsei University in Seoul, said that the economic impact of the conflict posed a “serious challenge” to President Park, who was elected on promises to bolster the economy and build trust with the North.

“The relentless show of force on a daily basis by not just North Korea but also the U.S. and South Korea as part of their annual military exercises has captured the attention of the world, and made the Korean Peninsula a place associated not with ‘Gangnam Style’ but with nuclear weapons and stealth bombers,” Mr. Delury said.

And even though many analysts and diplomats believe the North will not follow through on its most dangerous threats — pre-emptive strikes against the United States and South Korea — he noted that the continuing alarm could still cause problems.

“Markets hate risk, even if it is the perception rather than reality of risk,” Mr. Delury added.

South Korea’s economy has suffered far worse disruptions, most recently during a global financial meltdown in 2008, and proved resilient. But the conflict is an additional drag on the economy at an inopportune time.

The once-supercharged economy took a blow in 2011, during the global financial downturn, when the growth rate dropped to 3.6 percent from 6.2 percent in 2010. It has since slowed further, in part because of China’s increasing power as an exporter and, more recently, as the weakened Japanese yen allowed Japan’s exports to better compete with South Korea’s. The government revised its growth forecast for this year to 2.3 percent from 3 percent.

In a report on Friday, Citi Research said that “barring an outbreak of wide-scale military conflict, we think North Korean brinkmanship will not impact the South Korean economic fundamentals.” Thomas J. Byrne and Steffen Dyck at Moody’s Investors Service expressed similar views last week, but also warned of “a heightened risk of military adventurism or miscalculation by the 30-something Kim Jong-un.”