South Korea’s Economy Contracts as Exports Fall, Rates Rise
South Korea’s economy shrank for the first time since the beginning of the pandemic last quarter as exports fell and consumer spending edged down in response to rising interest rates.
Gross domestic product contracted 0.4% from the previous three months, the Bank of Korea said Thursday, matching a Bloomberg survey of economists. From a year earlier, the economy still expanded by 1.4%.
Continue read on bloomberg.com