South Korea’s economy shrank 1.4 percent on-quarter in the first quarter of this year, as the coronavirus pandemic crippled industrial output, consumer spending and job markets, the Bank of Korea said. AsiaNewsNetwork
On an annual basis, South Korea’s economy added 1.3 percent in the first quarter, marking the weakest growth since the third quarter of 2009, when the economy increased 0.9 percent.
“Exports fell by 2 percent, due to decreases in motor vehicles, machinery and chemical products despite an increase in semiconductors. Imports decreased by 4.1 percent, owing to decreased imports of crude oil and motor vehicles,” the BOK said in a statement.Shortly after the BOK announced the first-quarter GDP data, Finance Minister Hong Nam-ki said the pandemic’s shocks to South Korea’s exports and job markets could widen in the second quarter.
Earlier this week, international ratings agency Standard and Poor’s predicted South Korea’s economy may shrink 1.5 percent this year but post a sharp recovery next year. South Korea has pledged to increase the size of its aid package by 90 trillion won to 240 trillion won for coronavirus-hit companies and job protection.
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