S. Korean economy shrinks 1.4% q/q in Q1; sharpest decline since 2008 global financial crisis

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Korean economy shrinks 1.4% q/q in Q1; sharpest decline since 2008 global financial crisis

South Korea’s economy recorded their sharpest contraction in over a decade as ko v19 weighed on consumer demand and exports what’s more concerning is that some analysts fear the figures may not be the worst yet eun-jung mean helps us look beyond the numbers South Korea’s economy has suffered its biggest drop in over 11 years it had not seen since the fourth quarter of 2008 when the world economy was reeling from the global financial crisis the Bank of Korea revealed Thursday to South Korea’s preliminary first quarter GDP growth was down 1.4 percent from the previous quarter on-year the country’s GDP edged up 1.3 percent but that’s also the lowest growth in around a decade private consumption fell 6.4 percent as good and services were hammered by the Kovach 19 outbreak growth for south korea’s wholesale retail food and accommodation sectors fell over 6 percent while transportation plunged over 12 percent the contribution of domestic consumption to growth turned sharply negative its contribution plunged to minus 2 percentage points from the previous quarter’s 1.4 percentage points construction investment expanded 1.3 percent while facilities investment was 0.2 percent South Korea’s exports were down 2 percent to mainly to lower shipments of automobiles machinery and chemical products however semiconductor exports were up imports dropped over 4 percent to mostly to cheaper oil and fewer imported cars coming into the country South Korea’s economic difficulties can be seen in Fitch readings GDP growth projections for this year which happened lower from minus 0.2 percent to the new projection of minus 1.2 percent even optimists expect this year’s growth to be similar to the level seen during the 2008 global financial crisis while pessimists expect the growth to be as low as during the Asian financial crisis on the same day South Korea’s finance minister hounam gives that there is a rising possibility the real economy and job market experience shocks during and after the second quarter due to the worsening global recession the finance mystery will focus on boosting South Korea’s job numbers in April and May then in June the government will announce its economic policies for the second half of the year in German Arirang news

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crisis the Bank of Korea