The spike of Covid-19 that escalated in November and continues today has left a major scar on the domestic economy, according to the latest assessment by the state-owned think tank.
A sign on the door of a coin noraebang, or booth-type singing room, in downtown Seoul on Monday informs customers of a brief closure during December.
Only about 30 percent of the government's first emergency relief grants were used for consumer spending, the Korea Development Institute (KDI) reports.
The Korea Development Institute (KDI) on Wednesday lowered next year’s growth projection citing the resurgence of coronavirus pandemic in major countries including Europe. The KDI forecast the economy to expand 3.1 percent in 2021.
The Korea Development Institute lowered its estimate for economic growth again as the coronavirus crisis continues to depress consumer spending. The think tank forecast the economy to shrink 1.1 percent. In May, it projected a 0.2 percent growth.
Korea's economic sluggishness has eased on diminishing negative effects of the coronavirus pandemic, a state-run think tank said Sunday.
The economy will barely grow this year, the Korea Development Institute (KDI) said, adjusting its forecast for 2020 to 0.2 percent from 2.3 percent. The state-owned think tank cited the sharp drop in consumer spending and exports.