How Coronavirus Infects Korea's Economic Growth

      February 19, 2020 13:48

      Korea's economic outlook is getting bleaker due to the coronavirus outbreak. In a report on Tuesday, Nomura Securities projected Korea's economy to grow 1.8 percent at best and 0.5 percent at worst this year, compared to two percent last year.

      The firm said Korea's economy will grow 0.2 percent in the first quarter and 1.8 percent for the whole year if China's lockdown ends and the spread of the virus is confined to China by the end of February.

      But if the lockdown continues until the end of April, the country would suffer a contraction of two percent in the January to March period, while annual growth would only reach 1.3 percent.

      The outlook gets even gloomier in the worst-case scenario of a prolonged outbreak. It said Korea's economy will then contract 2.9 percent in the first quarter and grow only 0.5 percent over the whole year if the lockdown remains in place while the virus keeps spreading in Korea until June. 

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