10/28/2020, 11:27 AM (Source: TeleTrader)
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UOB: South Korea's GDP to drop 0.8% in 2020

UOB Group's economist Ho Woei Chen estimated on Tuesday that South Korea's gross domestic product (GDP) would contract 0.8% this year, and rebound 3.5% in 2021.

"While South Korea's economy may have seen the worst, the recovery will continue to be slow given the pandemic threat and that major economies in Europe and the United States are still battling the COVID-19 outbreak. We expect the recovery momentum to remain in place, but GDP will likely remain in year-on-year contraction in the final quarter of the year," he said.

Meanwhile, a recent report suggested that the government might issue emergency-use approval of the coronavirus vaccine being developed by Oxford University and AstraZeneca.

Baha Breaking News (BBN) / ND