Coronavirus: South

Korea falls into

recession as
exports slump
By: BBC News, 23 july 2020
Nella Hernandez - 20172015109
Summary
South Korea has fallen into recession as the country reels from the impact of the coronavirus pandemic.
Asia's fourth-largest economy saw gross domestic product (GDP) fall by a worse-than-expected 2.9% in year-
on-year terms, the steepest decline since 1998. Exports, which account for nearly 40% of the economy, were
the biggest drag as they fell by the most since 1963.

In recent weeks official figures have confirmed that both Japan and Singapore have also gone into
recession. "It's possible for us to see China-style rebound in the third quarter as the pandemic slows and
activity in overseas production, schools and hospitals resume," Mr Hong said.

So far, the government has implemented stimulus measures worth 277 trillion won for the consequences of
the pandemic. However, authorities have very little control over exports, ranging from memory chips for
computers to cars.

On the other hand, Australia has reached a deficit of A $ 85.8 billion for the year that ended in June 2020.
The largest since the Second World War. Treasurer Josh Frydenberg also said the deficit will grow to A $
184.5 billion this financial year, as the pandemic pushes Australia into its first recession in three decades.

In May, Japan fell into recession for the first time since 2015 as the world's third biggest economy shrank at
an annual pace of 3.4% in the first three months of 2020. Last week official data showed that Singapore had
fallen into recession as second quarter GDP shrank 12.6% on a year-on-year basis.
Opinion
The situation in which the world is posing in general is
not easy, we can see it reflected in these great countries
that mention in the news, despite the aid to the
government, stopping the crisis that the pandemic has
left us is a very matter complex, and things we are not
sure what will end due to the uncertainty that runs
through this topic.