SEOUL, July 17 (Yonhap) — South Korea’s finance ministry said Friday that local consumption showed signs of a rebound, but the coronavirus pandemic continued to stagnate exports.
In a monthly report, called the Green Book, the Ministry of Economy and Finance painted a somewhat positive picture of the economy, compared with its June report.
“Domestic consumption showed signs of improvement and job losses have narrowed, but declines in exports and industrial output continued as COVID-19 weakened global demand,” the report said.
“Worries about global economic recession are growing as risks increase in major economies,” it said.’
South Korea lost about 352,000 jobs in June, marking the fourth consecutive monthly decline in the number of employed people as the pandemic hammers job markets.
The pace of job losses has slowed since April. The nation shed 476,000 jobs in April and 392,000 jobs in May.