SEOUL: South Korea on Monday cut its economic projections for this year to growth of just 0.1%, which would be the worst performance since the 1998 Asian financial crisis, as the coronavirus pandemic hit exports, consumption and corporate investment.
That is sharply down from its previous projection of a 2.4% expansion made before the outbreak and comes after compiling a total of 250 trillion won stimulus package -- 13.1% of gross domestic product -- to combat the virus fallout.
" led to an unprecedented slump in domestic demand, which maximised fears and caused shock in financial and labour markets," Deputy Finance Minister Bahng Ki-sun told a briefing prepared for the release on Monday. South Korea's economy grew 2.0% in 2019 and the new growth target would be the slowest since a 5.1% contraction seen in 1998 Asian financial crisis.
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