openPR Logo
Press release

Impact of COVID-19 on the South Korean Economy, Deviation & Trends Analysis Up To 2025

03-26-2020 11:30 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Impact of COVID-19 on the South Korean Economy Market

Impact of COVID-19 on the South Korean Economy Market

South Korea is one of the highly developed economies in Asia-Pacific. Major industries that contributes as the backbone of the economy include automotive, electronics and electrical, chemical, travel and tourism, and others. South Korea is also one of the leading producers of steel, cadmium, and zinc across the globe. Moreover, the country homes several automobile giants that have marked their brands across the globe. Some of the well-known South Korea-based brands of the automobile industry include Kia Motors, Hyundai Motors, and others. Additionally, the country is one of the leading countries in shipbuilding. Five out of the top ten enterprises (including the top four) are South Korean companies, with Hyundai Heavy Industries Co., Ltd. owning the largest shipyard globally.

Get Sample Copy of Impact of COVID-19 on the South Korean Economy Market at: https://www.omrglobal.com/request-sample/impact-of-covid-19-on-south-korean-economy

Key companies operating in the South Korea whose business operations are significantly affected due to COVID-19 include Samsung Electronics, Kia Motors, Hyundai Motors, LG Electronics, Hyundai Heavy Industries, LG Chem, and others.

However, due to the coronavirus (COVID-19) epidemic amid global economic downturn, the South Korean economy is facing serious concerns regarding industrial production. As per the data published by the United Nations Conference on Trade and Development (UNCTAD) on 4th March, the outbreak of COVID-19 could lead to a decrease of $50 billion in exports across global value chains. Moreover, it is expected that the recent outbreak of COVID-19 could severely impact the South Korean economy and reflect the loss of around $3.8 billion in its GDP. Some other economies that are mostly affected by the COVID-19 outbreak include EU ($15.6 billion), the US ($5.8 billion), Japan ($5.2 billion), Taiwan Province of China ($2.6 billion) and Vietnam ($2.3 billion).

Major Verticals Affected

o Automobile
o Retail
o Electronics and Electrical
o Travel and Tourism
o Chemical
o Others (IT & Telecom)

A full report of Global Impact of COVID-19 on the South Korean Economy Market is available at: https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-south-korean-economy

The report analyzes the impact of COVID-19 on the South Korean economy and major verticals across the country. Verticals such as automobile, retail, electronics and electrical, travel and tourism, and other have been analyzed in the report. South Korea homes some of the consumer electronics giants such as Samsung Electronics and LG Electronics that cater to wide range of customers across the globe. Outbreak of COVID-19 has disrupted the operation and supply chain of these companies. For instance, Samsung closed its assembly line at its smartphone factories in the Gumi industrial complex in the east of South Korea. LG Innotek has suspended operation at its Gumi site in March 2020. However, the suspension of the production was only for a definite period of time. South Korea is also seen as an attractive destination by majority of the population across the globe. However, the spread of coronavirus is expected to decline the number of foreign tourists to country by nearly 2.0 million in the first quarter of 2020. This would account for loss of around $2.3 billion to travel and tourism industry of the economy.

For more customized data, request for report customization @ https://www.omrglobal.com/report-customization/impact-of-covid-19-on-south-korean-economy

Media Contact:

Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +1 646-755-7667, +91 7803040404

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

For More Information, Visit https://www.omrglobal.com/

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Impact of COVID-19 on the South Korean Economy, Deviation & Trends Analysis Up To 2025 here

News-ID: 1985654 • Views:

More Releases from Orion Market Research

Hair Accessories Market Poised for Strong Growth Driven by Gen Z Trends and Sustainability Preferences
Hair Accessories Market Poised for Strong Growth Driven by Gen Z Trends and Sust …
Hair accessories market was valued at $23.8 billion in 2024 and is projected to reach $55.2 billion in 2035, growing at a CAGR of 8.2% during the forecast period (2025-2035). Generation Z, with significant disposable income, is transforming the hair accessories category in a major way. Their close connection to trends creates a unique feeling of urgency to self-express through fashion, such as clips, scrunchies, and barrettes. It has become
Railway Management System Market Size Analysis, Competitive Insights, Leading Players and Growth Opportunities by 2033
Railway Management System Market Size Analysis, Competitive Insights, Leading Pl …
Railway System (or Railway Management System) market was valued at approximately USD 28.28 billion, and it is expected to reach about USD 45.19 billion by 2033, growing at a CAGR of around 4.8% from 2024 to 2033. Railway Management System Market Overview The Railway Management System market includes technologies and systems used to plan, monitor, and manage railway operations-everything from traffic and signaling systems to asset and maintenance management, passenger information,
Monocalcium Phosphate Market Size Analysis, Competitive Insights, Leading Players and Growth Opportunities by 2033
Monocalcium Phosphate Market Size Analysis, Competitive Insights, Leading Player …
Monocalcium Phosphate market was valued at about USD 4.2 billion, and it is anticipated to reach around USD 6.9 billion by 2033, growing at a CAGR of approximately 5% from 2023 to 2033. Monocalcium Phosphate Market Overview Monocalcium phosphate (MCP) is a calcium-phosphorus compound widely used in animal feed, fertilizers, and also in food and beverage applications (for example as leavening agent or acidity regulator), due to its solubility and bioavailability. The
Automotive Lubricants Market Size Analysis, Competitive Insights, Leading Players and Growth Opportunities by 2033
Automotive Lubricants Market Size Analysis, Competitive Insights, Leading Player …
Automotive Lubricants Market was valued at approximately USD 70.44 billion. By 2033, it is expected to reach around USD 107.09 billion, growing at a CAGR of about 3.3% from 2025 to 2033. Automotive Lubricants Market Overview The automotive lubricants market consists of products like engine oils, gear oils, greases, hydraulic fluids, and transmission fluids that reduce friction, wear and tear, and improve efficiency and lifespan of vehicle components. Demand is driven by

All 5 Releases


More Releases for South

South Florida's Continuum South Beach Emerges as One of the Most Coveted Propert …
The Continuum South Beach reigns supreme as a highly coveted condominium in South Florida, presenting an array of offerings that ensure an elevated quality of life. Miami beach, FL - Continuum South Beach [https://www.continuuminsouthbeach.com/] presents a sanctuary of lavishness, featuring opulent apartments and a breathtaking riverfront location in close proximity to the finest attractions of Miami Beach. These extraordinary residences are discreetly nestled within this prestigious condominium, specifically within the Continuum
Green Cool UK Expand Air Conditioning Services in South Wales and the South West
Cardiff, South Wales - Green Cool UK, the UK's leading air conditioning and refrigeration company, are pleased to announce the extension of their services in South Wales, including Cardiff, Swansea, Newport and into Bristol and the South West. With over 18 years experience in the HVAC industry Green Cool UK supply high performance air conditioning systems and green energy solutions for domestic and commercial customers. As air conditioning and refrigeration experts
2024 South Africa International Industrial Exhibition and China (South Africa) I …
Exhibition time: September 19-21, 2024 Exhibition location: Sandton Convention Centre, Johannesburg Organizer: South Africa Golden Bridge International Exhibition Company Exhibition introduction The South African International Industrial Exhibition [https://www.vovt-diesel.com/] and China (South Africa) International Trade Fair is a large-scale international exhibition held to promote Chinese enterprises to explore the African market. Relying on the advantageous resources of the local government, business associations and industry organizations in South Africa, it builds a pragmatic and efficient platform
Stem Cell Therapy Market | Smith+Nephew (UK), MEDIPOST Co., Ltd. (South Korea), …
Stem Cell Therapy Market in terms of revenue was estimated to be worth $286 million in 2023 and is poised to reach $615 million by 2028, growing at a CAGR of 16.5% from 2023 to 2028 according to a new report by MarketsandMarkets. The global stem cell therapy market is expected to grow at a CAGR of 16.8% during the forecast period. The major factors driving the growth of the
Global Pajamas Market Report - Japan, Europe, South Korea, Asia and America ( No …
Recently we published the latest report on the Pajamas market. The report on the Pajamas market provides a holistic analysis, of market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 15 vendors. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The Pajamas market analysis includes product segment and geographic landscape. The
South Africa Agriculture Market, South Africa Agriculture Industry, South Africa …
The South Africa has a market-oriented agricultural economy, which is much diversified and includes the production of all the key grains (except rice), deciduous, oilseeds, and subtropical fruits, sugar, wine, citrus, and most vegetables. Livestock production includes sheep, cattle, dairy, and a well-developed poultry & egg industry. Value-added activities in the agriculture sector include processing & preserving of fruit and vegetables, crushing of oilseeds, chocolate, slaughtering, processing & preserving of