1분기 성장률 -1.4%, 11년 만에 최저...코로나 충격 가시화<br /><br />We start with the big economic news of the day...<br />It has been confirmed that South Korea posted its biggest economic contraction since the 2008 global financial crisis in the January to March period.<br />Self-isolation and COVID-19 health concerns took a sledgehammer to domestic consumption... and forced thousands upon thousands of businesses to close.<br />Yoon Jung-min reports.<br />South Korea's economy has suffered its biggest drop in over 11 years,... a hit not seen since the fourth quarter of 2008... when the world economy was reeling from the global financial crisis.<br />The Bank of Korea revealed Thursday that South Korea's preliminary first quarter GDP growth was down 1-point-4 percent from the previous quarter.<br />On-year, the country's GDP edged up 1-point-3 percent, but that's also the lowest growth in around a decade.<br />Private consumption fell 6-point-4 percent,... as goods and services were hammered by the COVID-19 outbreak.<br />Growth for South Korea's wholesale, retail, food and accommodation sectors fell over 6 percent,... while transportation plunged over 12 percent.<br />Government spending edged up point-9 percent.<br />Construction investment expanded 1-point-3 percent,... while facilities investment was up point-2 percent.<br />South Korea's exports were down 2 percent,... due mainly to lower shipments of automobiles, machinery and chemical products.<br />However, semiconductor exports were up.<br />Imports dropped over 4 percent,... due mostly to cheaper oil and fewer imported cars coming into the country.<br />On the same day, South Korea's Finance Minister Hong Nam-ki said there's a rising possibility the real economy and job market experience shocks during and after the second quarter due to the worsening global recession.<br />Hong said a recovery in investment and exports since the end of last year somewhat cushioned a sharp decline for South Korea's GDP growth in the first quarter.<br />He added the government will do its utmost to ensure domestic consumption and exports pick up in the second half,... despite looming downside risks.<br />The finance ministry is expected to focus on boosting South Korea's job numbers in April and May.<br />In June, the South Korean government will announce its economic policies for the second half of the year.<br />Yoon Jung-min, Arirang News.<br />
