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South Korea’s GDP decreased by 3.3 percent in the second quarter of 2020, compared with the previous three months, in the first quarter the economy contracted by 1.3 percent, reported the Bank of Korea.
The decline in GDP two quarters in a row means a technical recession, the Asian country had entered her for the first time in 17 years. Despite the fact that South Korea refused to impose a nationwide quarantine, it did not save the economy from collapse. In annual terms, the decline of the economy was 2.9 percent, the largest reduction since 1998.
South Korea depends on exports, this indicator last quarter fell to a maximum in 1963 to 16.6 percent, imports decreased by 7.4 percent. However, consumer spending rose 1.4 percent. In the country during a pandemic, most companies continued to work and travel restrictions for people without diagnosed coronavirus were not.
Sweden is another country that decided not to enter quarantine. Economists polled by Bloomberg, said that this approach has not brought the country a clear benefit. Monthly GDP data and daily data index shows slow recovery of economic growth.
In July it became known that the Chinese economy was the first to rise after the pandemic coronavirus. The country’s GDP increased by 3.2 percent in the second quarter compared to the same period last year.
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