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South Korea in recession – exports at 57-year low

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South Korea has fallen into recession from the impact of the Covid-19 pandemic.

GDP fall by a worse-than-expected 2.9% in year-on-year terms, the steepest decline since 1998.

Exports, which account for nearly 40% of the economy, fell by the highest volume since 1963.

Both Japan and Singapore have also gone into recession.
South Korea’s finance minister Hong Nam-ki remains optimistic that the economy will recover swiftly, but authorities in the trade-reliant nation have very little control over exports, ranging from computer memory chips to cars.