SEOUL - South Korea's economic contraction will worsen in the current quarter, the central bank forecast on Tuesday , as the coronavirus outbreak hits consumer demand and economic activity even harder.
It already declined 1.3 per cent quarter-on-quarter in the first three months, it said - a slight improvement from its first announcement in April of a 1.4 per cent contraction, but still the biggest drop in gross domestic product since the 2008 global financial crisis. Private consumption decreased 6.5 per cent in January-March from the previous quarter"as expenditures on goods and services both decreased", the BOK said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Korea exports fall for 3rd month but at slower paceSEOUL (REUTERS) - South Korean exports tumbled in May for the third straight month, though at a slower pace, as extended global lockdown measures to contain the wider spread of the coronavirus weighed on worldwide demand.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Samsung to add new memory chip line in South Korea as COVID-19 boosts demandSamsung Electronics Co Ltd said on Monday it has begun construction of a new domestic production line for NAND flash memory chips, betting on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
South Korea sees 2020 economic growth grinding to virtual haltSEOUL: South Korea on Monday cut its economic projections for this year to growth of just 0.1 per cent, which would be the worst performance since ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Chinese man sentenced to 22 years in jail in South Korea for murdering ‘demon’ daughterA Chinese man has been sentenced to 22 years in prison by a Seoul court for murdering his daughter after his new girlfriend blamed the child for two miscarriages. She referred to the child as a “demon” who “devoured” their two unborn children, local media reported.The man, identified only by his surname
Source: YahooSG - 🏆 3. / 71 Read more »
South Korea reports new COVID-19 cluster of 23 cases linked to 13 churchesSEOUL: South Korea announced a new COVID-19 cluster linked to 13 small churches in and around Seoul on Monday (Jun 1). The Korea Centers for ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan talking with South Korea about export controls: Trade ministerTOKYO: Japan is engaged in dialogue with South Korea on export controls, the Japanese trade minister said on Tuesday (Jun 2), declining to ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »