By using this site you agree to the 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’s economy has recorded its worst performance in more than 20 years amid plummeting exports as a result of the coronavirus pandemic.. Asia’s fourth-largest economy … South Korea’s government wants people to use contactless services in the fight to stop the spread of COVID-19 and to aid economic recovery. The median forecast was for a 2.1% decline.The central bank expects Korea's economy to undershoot its earlier forecast of a 0.2% contraction for this year.Countries are gradually reopening their economies after months of pandemic lockdowns, but fears of a fresh wave of coronavirus infections are weighing on them.Fresh hopes of another stimulus package and signs the pandemic spread may be slowing are set to boost stocks on Tuesday.
(Reporting by Cynthia Kim; editing by Richard Pullin)OECD Sees South Korea Growth to Outperform All Others This Year Aug. 2, 2020 SEOUL — South Korea's manufacturing activity shrank at a much slower pace in July, signalling that a gradual recovery in demand is … It is still battling small but persistent clusters of infections, having reported 14,660 cases and 305 deaths. 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 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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