South Korean GDP records its biggest drop since 2008 due to the virus in January-March



South Korea’s gross domestic product (GDP) shrank 1.4% in January-March from the previous quarter due to the effects of the coronavirus, according to data released Thursday by the Bank of Korea (BoK).

This is the worst figure since Asia’s fourth economy contracted 3.3% in the fourth quarter of 2008 due to the global financial crisis that started with the bankruptcy of the US investment bank Lehman Brothers.

In turn, the South Korean economy grew by 1.3% in the first quarter at an annual rate, which is the weakest figure since the third quarter of 2009, when GDP advanced just 0.9%.

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