The coronavirus pandemic pushed South Korea's economy into its biggest contraction since 2008 in the first quarter, as self-isolation measures hit consumption and global trade slumped.
SEOUL - The coronavirus pandemic pushed South Korea’s economy into its biggest contraction since 2008 in the first quarter, as self-isolation measures hit consumption and global trade slumped.
South Korea’s virus containment measures are being closely watched by governments elsewhere as it has managed to bring down infections without the kinds of heavy shutdowns seen in other jurisdictions. Highlighting the challenges in domestic demand, private consumption shrank 6.4% on-quarter to mark the worst reading since a 13.8% contraction in the first quarter of 1998, during the Asia Financial Crisis.
Since late January, the economy has been paralysed by self-isolation measures across the country, which kept businesses and shops closed and workers stuck at home. Thursday’s data showed exports declined 2% from the fourth quarter, while construction investment and capital investment rose 1.3% and 0.2%, respectively.
From a year earlier, the economy grew 1.3% in the first quarter, slowing from 2.3% growth in the fourth quarter and compared with 0.6% seen in the poll.
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