South Korean economy contracted after 22 years

South Korean economy contracted after 22 years

In a statement made by the bank, it was announced that the country’s 2020 Gross Domestic Product has contracted by 1 percent compared to 2019.

In the statement, it was noted that the shrinkage in the economy occurred due to the new type of corona virus (Covid-19) epidemic negatively affecting the service sector and reducing consumer spending.

The Central Bank predicts that the South Korean economy will recover from exports this year.

Since March 2020, the bank has been keeping the policy rate at 0.5 percent, the all-time low, to minimize the negative effects of the epidemic on the economy.

While Covid-19 has been encountered in 91 thousand 240 people in the country so far, 1619 people have died due to the epidemic.

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