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South Korea’s GDP grows slower amid coronavirus fear

South Korea’s gross domestic product (GDP) grew 0.6% in the January-March period from three months earlier, according to preliminary data from the Bank of Korea (BOK). The central bank figures showed that South Korea's economy grew at a slightly slower pace than earlier predicted in Q1 of this year as investment and spending weakened amid lingering worries over the coronavirus pandemic. The government recently lifted almost all antivirus curbs as the infections slowed with most of its people vaccinated, raising hopes that the move will lead to more spending and investment down the road. Data showed that private spending shrank 0.5% in Q1 from three months earlier. Investment in construction and spending on facilities were also down 3.9% over the same period.

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