SEOUL: The South Korean economy plunged into recession in the second quarter in its worst decline in more than two decades as the ...
SEOUL: The South Korean economy plunged into recession in the second quarter in its worst decline in more than two decades as the COVID-19 pandemic battered exports and social distancing curbs paralysed factory output.
Construction investment fell 1.3 per cent quarter-on-quarter, while capital investment declined 2.9 per cent.One saving grace has been a 1.4 per cent gain in private consumption from three months earlier, thanks to government cash handouts that boosted spending on restaurants, clothes and leisure activities.
The government has rolled out about 277 trillion won worth of stimulus to fight the economic fallout from the pandemic so far. However, policymakers have little control over the global demand for the country's exports, which includes everything from memory chips to cars to petrochemical products.
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