South Korea Economy tipped to shrink 1.2 pct in 2020 over pandemic

A View scene of New Container Port at Busan, South Korea.South Korea's economy is expected to contract 1.2 percent this year as the coronavirus pandemic and lockdown measures ravaged global trade and consumption, the Organization for Economic Cooperation and Development (OECD) said Wednesday. The updated prediction, which would be the sharpest contraction since the 1998 Asian financial crisis, marked a sharp downgrade from the OECD's March forecast of 2 percent expansion. The latest OECD forecast is bleaker than a prediction by the Bank of Korea (BOK), which forecast the Korean economy to contract 0.2 percent this year.