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South Korea has actually fallen into economic crisis as the country reels from the impact of the coronavirus pandemic.
Asia’s fourth-largest economy saw gross domestic product (GDP) fall by a worse-than-expected 2.9%in year-on-year terms, the steepest decrease given that 1998.
Exports, which account for nearly 40%of the economy, were the most significant drag as they fell by the most since 1963.
In current weeks official figures have verified that both Japan and Singapore have actually likewise gone into economic crisis.
However South Korea’s finance minister Hong Nam-ki stays optimistic that the economy will recuperate swiftly.
” It’s possible for us to see China-style rebound in the 3rd quarter as the pandemic slows and activity in overseas production, schools and health centers resume,” Mr Hong