South Korea's government promised strong support for exporters after the country posted on Thursday its first economic contraction in 2/1-2 years due mainly to a crash in exports.
Playing down the economic slowdown as part of a global trend, Finance Minister Choo Kyung-ho pledged prompt support measures for exporters, such as tax breaks and administrative help.
Leading the first GDP decline since the second quarter of 2020 were losses of 5.8% in exports and 0.4% in private consumption, whereas government spending posted a sharp 3.2% increase, according to the central bank estimates. Still, the GDP data cemented the market's view that the central bank's Jan. 13 interest rate rise had marked the end of a 17-month tightening cycle and that the Bank of Korea would even be pressured to start cutting its policy rate this year.
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