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S. Korea's economy shrinks as tariffs hurt global outlook
April 25, 2025
|The Straits Times
South Korea's economy contracted in the first quarter, underscoring the fragile state of business activity even before exporters absorbed the full force of US President Donald Trump's punitive import duties, and raising fears over the potential for further damage in the region.
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SEOUL -
In one of Asia's first gross domestic product reports for the three months ended March, South Korea's economy shrank 0.2 per cent versus the prior quarter, according to Bank of Korea (BOK) data released on April 24, missing economists' median forecast of 0.1 per cent growth. The economy contracted 0.1 per cent year on year, below the forecast of zero growth.
Prolonged political uncertainties coupled with fears over Mr. Trump's tariffs sapped economic activities, a BOK official said. He added that a clearer picture of the fresh tariffs' impact will be available by May or June, considering the time it takes for companies to sign deals and deliver shipments.
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