The outbreak of COVID-19 in South Korea has induced economic downturn according to a statement on the current economic situation released by the Ministry of Economy and Finance in April. Industrial production fell by 3.5% since February as did domestic consumption, falling 6.4% in the first quarter of 2020.
The pandemic has placed pressure on the South Korean economy as GDP contracted by 1.4% so far. In April, the government has issued two new supplementary budgets with a third in progress, as emergency relief for COVID-19 and to subsidize businesses.
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