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South Korea expects recession to deepen

South Korea pointed to a deeper-than-expected economic slowdown, at least until the first half of next year, and extended sales tax cuts on some fuel products and passenger cars by several months.

“The growth of our economy is expected to slow next year due to the effects of the global economic recession and the challenge will be focused on the first half,” Finance Minister Choo Kyung-ho said at a meeting with the ruling party leadership.

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The government is expected to release its economic policy strategies for next year, which will be the first annual statement since President Yoon Suk-yeol’s administration took office in May, later this week. South Korea’s economy, the fourth largest in Asia, relies heavily on exports ranging from vehicles to ships, chips to smartphones. Growth is expected to fall from around 3% this year to less than 2% next year.

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