Korea's Economy Remains Sluggish

      April 24, 2015 14:03

      Korea's economy grew a paltry 0.8 in the first quarter of this year from the previous three months, making it the fourth quarter in a row to register a growth of below 1 percent.

      According to the Bank of Korea on Thursday, real GDP in the first three months stood at W362 trillion, up 0.8 percent from the previous quarter.

      The figure was up 2.4 percent compared to the same period last year, meaning the Korean economy grew that much over the past year.

      The economy appeared to be staging a comeback in the first quarter of last year when it grew 1.1 percent compared to the previous quarter. But growth then slowed to 0.5 percent in the second quarter in the wake of the ferry disaster off the southwest coast in April and eventually dropped to 0.3 percent during the final quarter after a cutback in government spending.

      An official at the Ministry of Strategy and Finance said, "It is asking for too much to expect our economy to grow one percent every quarter, but low international oil prices will improve real wages and allow the economy to rebound."

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