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The second quarter likely saw South Korea’s economy hitting its sharpest downturn in over two decades, a Reuters survey showed on Tuesday. This was mainly from the pandemic dragging the labor market, consumer spending, and global export demand.
From April to June, Asia’s fourth-largest economy likely declined 2.0% from a year earlier. This came to be the economy’s sharpest downturn since 1998, following a 1.4% growth monitored in the first quarter of 2020.
On a quarterly basis, gross domestic product is expected to have contracted a seasonally adjusted 3.3% in the same period. This followed after recording a total of 1.3% decline in the first quarter of 2020, tallying its largest quarterly drop since 2008.
Meanwhile, shipments dropped a total of 20.3% in the second quarter. Though this came milder than the 1.8% drop seen in the first quarter, it was the weakest figure in 11 years.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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