On the 23rd, Beijing time, data released by the Bank of Korea on Thursday showed that due to the COVID-19 pandemic, the gross domestic product (GDP) for the first quarter shrank by 1.4% month-on-month, the biggest decline since the fourth quarter of 2008.

The data showed that both private spending and exports declined sharply in the first quarter, while government spending, construction, and production facilities growth also slowed. ,

Compared with the same period last year, GDP in the first quarter increased by 1.3%, which is a sharp slowdown from the 2.3% growth in the previous quarter.

The governor of the Bank of Korea said earlier this month that South Korea's GDP is expected to grow by less than 1% this year, far below his previous forecast of 2.1%.