Coronavirus: South Korea Economy Recorded its Worst Contraction

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South Korea’s economy just recorded its most severe contraction since the 2008 financial crisis as the coronavirus pandemic weighed on consumer demand and exports.

Asia’s fourth-largest economy shrank 1.4% in the January-to-March period compared to the fourth quarter of 2019, according to an estimate released Thursday by the Bank of Korea. The decline was slightly better than what analysts polled by Refinitiv expected, but still the worst in more than a decade.

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