South Korea GDP low level for the first time in 22 years Decreased exports with new corona 13:47 July 23
South Korea's GDP=Gross Domestic Product Growth Rate from April to last month is negative compared to the previous three months due to a significant decrease in exports due to the spread of the new coronavirus infection. It was 3.3%, the lowest level in 22 years since 1998 when the Asian currency crisis hit.
The Bank of Korea, the central bank of South Korea, announced on the 23rd that the GDP preliminary report from April to last month shows that the real growth rate excluding price fluctuations is minus 3.3% compared to the previous three months. That was the second consecutive minus.
This is the lowest level in 22 years since January to March 1998 when the Asian currency crisis struck.
According to a statement by the Bank of Korea, exports fell sharply by 16.6% due to a drop in automobiles and petroleum products, and capital investment also fell by 2.9%.
Deputy Prime Minister and Planning and Finance Minister Hong Nam Ki (Hong Ku-ki) said at a government meeting yesterday that he could not avoid the effects of the new coronavirus and the accompanying global recession. In the future, he showed his intention to support the economy through swift execution of supplementary budgets and make every possible effort to expand personal consumption and exports.