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South Korea’s economy was monitored to have diminished at its most rapid pace since 2008. The contraction could be attributed to the inactivity of the virus-beaten business sector and slump in global demand, a Reuters survey showed on Tuesday.
Gross domestic product (GDP) for the first quarter is expected to have contracted an adjusted 1.5%, according to the survey participated by 10 economists. It marginally dropped after soaring up to 1.3% in the previous quarter.
“The South Korean economy should have contracted sharply in the first quarter due to both supply and demand-side shocks caused by the COVID-19 outbreak,” DBS economist Ma Tieying said. “This is evidenced by the sharp decline in industrial production, retail sales, and consumer confidence,” she added.
The said contraction appeared to be the worst downturn since the 3.3% setback observed in the last quarter of 2008. More so, it surpassed the economic decline in the first quarter of 2019 amid the China-U.S. trade dispute.
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 ...
On Friday, Axios Media Inc. reported a document acquired by tech watchdog group Tech Transparency Project which indicates that multiple U.S. states were investigating Apple (AAPL) due to deceptive trade practices. According to the report, ...
South Korea on Wednesday announced that it would scale back its plans to impose capital gains taxes on stock investments after numerous complaints from retail investors. However, taxes will, instead increase for top earners as part of changes ...
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 ...
KYC Policy