Impact of COVID-19 on the South Korean Economy Market Size, Growth & Industry Report to 2025

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.

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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).

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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.

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. Amid the recent COVID-19 pandemic crisis, companies have been forced to shut down their production unit and halt their production for a definite period of time.

Major Verticals Affected

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

Company Studied

Hanwha Group
Kia Motors Corp.
Korea Electric Power Corp.
Kumho Asiana Group
LG Corp
GS Group
POSCO
Samsung Electronics Co., Ltd.
SK Hynix Inc.
The Hyundai Motor Co.

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