JP Morgan "Korea's Growth Rate Contraction Mild"... Forecast Lowered to 0%
[Asia Economy Reporter Oh Hyung-gil] Global investment bank (IB) JP Morgan on the 23rd revised down its forecast for South Korea's 2020 gross domestic product (GDP) growth rate from 0.8% to 0.0%.
JP Morgan stated, "South Korea's first-quarter GDP growth rate was -1.4% (annualized -5.5%), the lowest since the global financial crisis," and added, "Considering that the first quarter marked the peak of the novel coronavirus disease (COVID-19) outbreak, the contraction in South Korea's growth rate was noticeably milder compared to other countries."
China, which experienced the spread of COVID-19 earlier than South Korea, recorded a first-quarter growth rate of -6.8%, the lowest since related statistics began to be published.
The United States and the Eurozone (19 countries using the euro) are expected to record double-digit negative growth rates in the second quarter, when the impact of COVID-19 reaches its peak.
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Additionally, JP Morgan forecasted that the Bank of Korea will not further cut the base interest rate this year and will maintain it at the current level (annual 0.75%).
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