South Korea economy shrinks for first time since early 2020

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South Korea economy shrinks for first time since early 2020
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The reading comes after the BoK hiked borrowing costs for the tenth time in 18 months in early January, as part of its drive to tame inflation. theSun theSundaily economy EconomicCrisis business SouthKorea news

File photo: Women wearing masks walk in a shopping district amid the Covid-19 pandemic in Seoul, South Korea, March 16, 2022. REUTERSpix: South Korea's economy shrank in October-December for the first time since the second quarter of 2020, as exports tumbled while consumer spending dipped in reaction to rising interest rates, the country's central bank said Thursday.

The reading comes after the BoK hiked borrowing costs for the tenth time in 18 months in early January, as part of its drive to tame inflation.

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