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South Korea Economy

A View scene of New Container Port at Busan, South Korea on June 10, 2020. 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. (Photo by Seung-il Ryu/NurPhoto)

Photo ID	#5772544
Date Taken	10 June 2020
Location	N/A
Photographer	Seung-il Ryu/NurPhoto
Category	Economy, Business and Finance
Copyright	© 2026 NurPhoto - Seung-il Ryu/NurPhoto

OECD ECONOMY ASIA COVID19 PANDEMIC TRADE IMPORT EXPORT CONTAINER BULK ASEAN Busan Bank of Korea percent expansion year South Korea's economy latest OECD forecast Korean economy updated prediction consumption View scene of New Container Port global trade lockdown measures coronavirus pandemic Organization sharp downgrade Asian financial crisis Economic Cooperation OECD's Seung-il Ryu sharpest contraction Development NurPhoto BOK Transport ship vehicle