13-April-2021
Economy News
 
South Korea economy shrank in 2020 for first time in over two decades
05-Mar-2021

South Korea's central bank says the country's economy shrank for the first time in 22 years in 2020 as the coronavirus pandemic destroyed service industry jobs and depressed consumer spending. Preliminary data released by the Bank of Korea on Thursday showed the country's gross domestic product last year contracted 1 per cent from 2019. It was the first annual contraction since 1998, when South Korea was in the midst of a crippling financial crisis.

News Source:- https://www.business-standard.com/article/international/south-korea-economy-shrank-in-2020-for-first-time-in-over-two-decades-121030400143_1.html