South Korea's economy unexpectedly shrank in the first quarter, marking its worst performance since the global financial crisis, as government spending failed to keep up the previous quarter's strong pace and as companies slashed investment.
A worse-than-expected downturn in the memory chips sector hit first quarter capital investment, while slumping exports amid the Sino-US trade dispute erased gains from private consumption, the Bank of Korea said on Thursday. The grim data came a day after the Moon Jae-in government unveiled a 6.7 trillion won supplementary budget to tackle unprecedented air pollution levels and boost weak exports.
Source: News Formal (newsformal.com)
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