South Korea's GDP pushed into recession with contraction by 3.3% in second quarter due to coronavirus
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The GDP of South Korea has shrunk by 3.3% in the June quarter due to the economic crisis posed after the outbreak of the novel coronavirus. The Korean GDP also saw a reduction of 1.3% in the previous quarter. This is South Koreas's first technical recession since the one in 2003. According to the stats, the trade-reliant economy plunged 16.6%, making it the worst figure in the country's history since 1963.