Singapore — Hail the South Korean recession. Only in the world of Covid-19 is a poor economic report card something to cheer. GDP shrank 3.3% in the second quarter from the previous three months, the Bank of Korea said on Thursday. That was worse than forecast and followed a decline of 1.3% for the January-March period.
No matter: the performance is streets ahead of many industrialised countries. Japan, for example, will show a contraction of more than 20%, according to economists. Global GDP is likely to have dipped about 10% in the second quarter from a year earlier, according to Bloomberg Economics. ..
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