Coronavirus to Deal Significant Blow to Korea's Economic Growth

  • Arirang News

    March 09, 2020 08:34

    The coronavirus outbreak could cause the Korean economy to contract by up to 1 percent this year.

    In a report released on Sunday, the Asian Development Bank said Korea would see its GDP shrink by US$16.5 billion, equivalent to 1.02 percent of its GDP in 2018, in the worst case scenario in which the outbreak continues for over six months in China and three months in Korea.

    The bank said the transport services sector would be the hardest hit, contracting 3.2 percent from 2018, followed by the hotel, restaurant and personal services sector with 2.05 percent.

    The report also predicted that some 357,000 jobs would be lost if the outbreak drags on.

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