South Korea has entered recession after exports recorded the steepest decline

News24xx.com - South Korea has entered recession after exports recorded their steepest decline since 1963. 

The economy shrank by 3.3 percent in the three months ended June, compared with the previous quarter.

Exports account for 40 percent of South Korea's economy, and it plunged 16.6 percent.

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Finance Minister Hong Nam-ki struck an optimistic note, however. He says government spending, cash handouts, and a slowing pandemic could help growth recover.