Market Research Report
Retail banking in South Korea: Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||937692|
|Published||Content info||17 Pages
Delivery time: 1-2 business days
|Retail banking in South Korea: Coronavirus (COVID-19) Sector Impact|
|Published: May 13, 2020||Content info: 17 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the globe losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.
Anti-government protests and the US-China trade war shrunk the country's economy by 1.2% in 2019 - the first contraction in 10 years. The battered economy will further plunge due to the effects of the Coronavirus outbreak. The country's unemployment reached a nine-year high of 3.7% in February 2020.
This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in South Korea. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat Coronavirus.