KDI "코로나19로 소비•수출 감소하며 한국 경기위축 심화"<br /><br />Asia's fourth largest economy continues to contract due to a sharp decline in consumption and exports.<br />That's an assessment by a state-run think tank in South Korea.<br />Meanwhile, economists around the world now predict the global economy to drop sharply only to be followed by a painfully slowly recovery, similar in shape to the Nike logo.<br />Post COVID-19 economic recovery, not looking good... our Kim Jae hee explains.<br />The Korea Development Institute says the local economy is shrinking fast due to a drop in both exports and domestic spending.<br />The state-run think tank's monthly evaluation report on Tuesday,... said retail sales in March declined 8 percent on-year and exports in April fell 24-point-3 percent on-year to around 37 billion U.S. dollars.<br />Korea Customs Service data for the first ten days of May showed an even larger on-year fall of 46-point-3 percent.<br />The KDI analyzed that production in the service sector has already significantly decreased,... and the economic fallout is spreading to the manufacturing sector as well.<br />The think tank said that the possibility of global economic stagnation is rising,... as major countries around the world are seeing economic indicators fall.<br />It added that sluggish external demand is expected to continue for some time,... as major economies like the U.S. and the EU are restricting movement.<br />Amid the grim economic figures,... the Wall Street Journal reported on Monday,... that experts predict a "swoosh-shaped" recovery for the global economy,...<br />where the sudden sharp drop is followed by a painfully slow recovery.<br />That recovery may be slower than a V or U shaped recovery,... and once the rebound starts, it would be steady and gradual.<br />The report said major Western economies may not be able to recover to 2019 levels of output until late next year, or even longer than that.<br />Kim Jae-hee, Arirang News.<br />
