South Korea South Korea is going through deep social, economic change But the transformation is still fragile, and covid-19 is not helping, says Lena Schipper Special report Apr 8th 2020 …
SEOUL — South Korea will take the smallest hit to growth of any advanced economy this year after it was able to limit the spread of the coronavirus without imposing severe lockdowns, the OECD said on Tuesday.South Korea's gross domestic product will fall just 0.8% in 2020, a slight improvement from the 1.2% downturn in GDP forecast in June, the Organization for Economic Co-operation and Development (OECD) said in a report on Asia's fourth biggest economy.That is considerably milder than the OECD average of a 7.5% contraction for this year, and far outperforms the 7.3% and 6.0% shrinkage seen for major economies the United States and Japan, respectively.
It is still battling small but persistent clusters of infections, having reported 14,660 cases and 305 deaths. South Korea's gross domestic product will fall just 0.8% in 2020, a slight improvement from the 1.2% downturn in GDP forecast in June, the Organization for Economic … The South Korean economy is forecast to fall 0.8 percent in 2020 under a scenario of no more COVID-19 pandemic in the country, the Paris-based organization said in its "OECD Economic …
In the April-June period, South Korea's economy shrank 3.3 percent from three months earlier as the pandemic hurt its exports and consumer spending. (Reporting by Cynthia Kim; editing by Richard Pullin)OECD Sees South Korea Growth to Outperform All Others This Year
South Korea's economy slumped into a recession after contracting for a second consecutive quarter, as the global pandemic took a heavy toll on the export-reliant country.Gross domestic product shrank by 3.3% for three months until June from the prior quarter when it contracted 1.3%, Bank of Korea data showed Thursday.The latest reading--Korea's worst performance since the first quarter of 1998 at the height of Asia's financial crisis--missed the median forecast of a 2.4% on-quarter fall by economists polled by The Wall Street Journal.Exports fell sharply on weak demand for cars and petrochemicals, and investments in construction and factories swung to contraction, the data showed.Year-over-year, the economy contracted 2.9% in the second quarter, following a 1.4% expansion in the previous three months. South Korea’s economy finished its slowest year of growth since the global financial crisis with a spurt that suggests the worst may be over for the Asian bellwether of global tech trade. "South Korea is seen as an example in the OECD, not only with its (virus) containment strategies but also with its focus on investing in future growth engines for the economy," said Ko Hyoung-kwon, South Korea's ambassador to the OECD.Private consumption is expected to slowly pick up as the government eases its guidelines on social distancing, although a protracted global recession is set to drag down exports and investment, the OECD said in its report.It recommended the Bank of Korea to consider further monetary policy easing if low inflation and sluggish activity persist, and also urged the bank to look at more unconventional policies given it has little space left for more rate cuts.The BOK has slashed its policy interest rate by 75 basis points since March to 0.5%
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