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S. Korea’s economy shrinks 2.9% in Q2, worst since 1997 financial crisis

South Korea's economy contracted at a sharper rate than what had been expected in the second quarter, delivering the worst performance in over two decades, as the pandemic hammered outbound shipments and private spending in Asia's fourth-largest economy, central bank ... Read More

SME exports dip 13.4% in Q2 on coronavirus

Exports by South Korean small and medium enterprises (SMEs) sank at a double-digit rate in the second quarter of the year due to the coronavirus pandemic, government data showed Wednesday. Local SMEs' overseas shipments came to $22.5 billion in the ... Read More

S. Korea’s exports drop 12.8% in first 20 days of July

SEJONG -- South Korea's exports dropped 12.8 percent on-year in the first 20 days of July amid the economic fallout from the new coronavirus, customs data showed Tuesday. The nation's outbound shipments stood at $24.6 billion in the July 1-20 ... Read More

IBs maintain steady growth outlook for S. Korea

Major global investment banks (IBs) maintained their revised-up growth outlook for South Korea's economy, a report showed Sunday, despite a gloomier outlook recently portrayed by the country's central bank. In June, nine global investment banks forecast the South Korean economy ... Read More

Consumption shows signs of rebound, but export slump continues: finance ministry

South Korea's finance ministry said Friday that local consumption showed signs of a rebound, but the coronavirus pandemic continued to stagnate exports. In a monthly report, called the Green Book, the Ministry of Economy and Finance painted a somewhat positive ... Read More

S. Korea to invest W73.4tr in green projects as part of ‘New Deal’ scheme

South Korea said Thursday it will spend 73.4 trillion won ($60 billion) in the energy segment in line with its ambitious "New Deal" plan meant to transform the nation's fossil fuel-reliant economy into an eco-friendly one. The projects could create ... Read More

6 months after virus outbreak, S. Korean economy gears up for big jump

SEJONG -- In the six months after the new coronavirus was first reported in South Korea, the virus outbreak has battered the nation's exports and depressed local consumption, with health experts warning that the highly contagious disease may not disappear ... Read More

S. Korea’s energy imports sharply down in April amid pandemic

South Korea's imports of energy products nearly halved in April due mainly to the falling global price of crude oil amid the new coronavirus pandemic, which has suspended business activities around the globe, data showed Thursday. The country's imports of ... Read More