The Financial Times reported earlier that in the fourth quarter of 2017 South Korean GDP shrank by 0.2 per cent, giving the lie to the current mantra of ‘synchronised global economic growth’; a rare event that has only occurred 4 times since 1999 following the Asian crisis. This follows strong growth in Q3 2017, 1.5 per cent, the fastest in 7 years. Exports dropped by 5.4 per cent from the previous quarter, mainly due to fewer car sales.
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