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Prelude to economic woes

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It is urgent to push for structural reform

Major economic data shows that the Korean economy is feeling the impact of the coronavirus pandemic. Industrial output, investment and consumption have just begun a downward spiral with business sentiment falling to an 11-year low. Yet this comes as no surprise considering the scope and severity of the economic fallout from the public health crisis.

According to Statistics Korea, industrial output shrank by 3.5 percent in February from a month earlier, marking the steepest fall since February 2011. Facility investment also plunged by 4.8 percent, while consumption tumbled 6 percent. All these point to the deteriorating economic situation.

More seriously, the country may face economic woes unparalleled by any previous calamities such as the 1997-98 Asian financial turmoil and the 2008 global financial crisis.........

© The Korea Times