Seoul - (Saba):
The South Korean economy recorded negative growth for the first time in about a year in the first quarter of 2025, amid a domestic political crisis and economic uncertainty caused by the Trump administration's sweeping tariff plan.
The Bank of Korea (BOK) said the country's real gross domestic product (GDP), a key measure of economic growth, contracted 0.2 percent in the January-March period compared to the previous quarter, according to preliminary data released by the Bank of Korea, Yonhap News Agency reported.
The Korean economy grew 1.3 percent in the first quarter of 2024, but contracted 0.2 percent in the second quarter, before barely growing 0.1 percent in the third and fourth quarters.
The negative growth came amid slowing export growth and continued sluggish domestic demand.
The Bank of Korea had previously forecast South Korea's economy to grow by 1.5 percent in 2025, but Bank of Korea Governor Ri Chang-yong told reporters last week that the forecast may have been too optimistic.
The South Korean economy recorded negative growth for the first time in about a year in the first quarter of 2025, amid a domestic political crisis and economic uncertainty caused by the Trump administration's sweeping tariff plan.
The Bank of Korea (BOK) said the country's real gross domestic product (GDP), a key measure of economic growth, contracted 0.2 percent in the January-March period compared to the previous quarter, according to preliminary data released by the Bank of Korea, Yonhap News Agency reported.
The Korean economy grew 1.3 percent in the first quarter of 2024, but contracted 0.2 percent in the second quarter, before barely growing 0.1 percent in the third and fourth quarters.
The negative growth came amid slowing export growth and continued sluggish domestic demand.
The Bank of Korea had previously forecast South Korea's economy to grow by 1.5 percent in 2025, but Bank of Korea Governor Ri Chang-yong told reporters last week that the forecast may have been too optimistic.
resource : https://www.saba.ye/ar/news3470349.htm