• South Korea economy shrank in 2020 for 1st time in 22 years

    1 month ago - By Chron

    SEOUL, South Korea - South Korea's central bank says the country's economy shrank for the first time in 22 years in 2020 as the coronavirus pandemic destroyed service industry jobs and depressed consumer spending.
    Preliminary data released by the Bank of Korea on Thursday showed the country's gross domestic product last year contracted 1% from 2019. It was the first annual contraction since 1998, when South Korea was in the midst of a crippling financial crisis.
    The economy would have been even worse if not for the country's technology exports, which saw increased demand driven by personal...
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