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South Korean GDP shrinks 1.4% in first quarter, most since 2008

Contraction stems from coronavirus hitting demand and spillover from China

A man walks in central Seoul while holding a mask in his hand on Tuesday.   © Reuters

SEOUL -- South Korea's economy contracted 1.4% in the first three months of 2020 from the previous quarter, marking the biggest drop since 2008 as the coronavirus pandemic battered the export-driven country.

The Bank of Korea said Thursday that gross domestic product shrank in the first quarter mainly due to a negative spillover from China, which shut down many of its economic activities in the period.

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