S. Korea’s economy contracts 2.9% in Q2
Friday, 07 24 2020, Category: Economy, Country: Asia
South Korea saw its economy shrink dramatically in the second quarter, marking its worst growth in more than two decades, feeling the impact from COVID-19 fallout, central bank data showed Thursday.
The chief fiscal policymaker, however, claimed that the country’s economic graph will rebound in the third quarter on the back of expansionary fiscal spending and new growth engines.
The country’s real gross domestic product for April-June fell 2.9 percent from a year earlier, according to advance data from the Bank of Korea.
This was the slowest growth since the 3.8 percent on-year contraction observed in the fourth quarter of 1998, when Asia’s fourth-largest economy was reeling under the Asian financial crisis.