South Korea Slumps Into a Recession

South Korea’s financial system fell into a recession as it contracted for a next consecutive quarter, as the global coronavirus pandemic took a major toll on the export-reliant country.

Gross domestic item shrank by three.three{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad} in the next quarter from the prior quarter when it contracted one.three{ae9868201ea352e02dded42c9f03788806ac4deebecf3e725332939dc9b357ad}, Financial institution of Korea knowledge confirmed Thursday.

The most recent reading—Korea’s…