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South Korea economy shrank in 2020 for 1st time in 22 years

Shortpedia

Content Team
Image Credit: Valdosta Daily Times

South Korea's central bank says the country's economy shrank for the first time in 22 years in 2020 as the coronavirus pandemic destroyed service industry jobs and depressed consumer spending. Preliminary data released by the Bank of Korea on Thursday showed the country's gross domestic product last year contracted 1% from 2019. It was the first annual contraction since 1998.