South Korean GDP Shrank 1.3% In First Quarter; Second Quarter May Be Worse
April 23, 2020
The coronavirus pandemic has led the gross domestic product of South Korea to shrink by 1.4% in the first quarter of 2020 on a quarter-over-quarter basis – the biggest quarterly contraction since the fourth quarter of 2008, when GDP plunged by 3.3%.
South Korea’s economy, Asia’s fourth largest, had grown by 1.3% in the fourth quarter of 2019.