SEOUL- South Korea’s economy likely saw its biggest contraction in over 20 years in the second quarter, a Reuters poll showed on Tuesday, as the coronavirus pandemic hit consumer spending, the labor market, and global demand for its exports.
Asia’s fourth largest economy is expected to have shrunk a median 2.0 percent in the April-June period from a year ago, according to a poll of 19 economists, its sharpest contraction since 1998. The economy grew 1.4 percent in the first quarter of 2020.
On a quarter-on-quarter basis, gross domestic product (GDP) likely shrank a seasonally adjusted 2.3 percent in the same period, its biggest quarterly fall since late 2008, after contracting by 1.3 percent in the first three months of the year.
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