Economy

South Korea economy returns to growth amid global coronavirus struggle

SEOUL (REUTERS) – South Korea’s economy returned to growth in the third quarter, climbing out of the slump brought about by the coronavirus as its major trading partners began lifting pandemic restrictions.

Asia’s fourth-largest economy grew a seasonally adjusted 1.9 per cent in the September quarter from three months earlier, the Bank of Korea said on Tuesday (Oct 27), the fastest expansion since the first quarter of 2010.

That reverses a 3.2 per cent decline in the second quarter and beats the 1.7 per cent expansion seen in a Reuters poll.

From a year earlier, the economy shrank by 1.3 per cent in the third quarter, after declining a revised 2.7 per cent three months earlier.

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