Building And Construction In Asia Pacific > South Korea > South Korea
The value of total construction commencements is expected to contract 11.3% in 2020; by way of comparison, this is much less severe then the 30% decline in 1998 during Asian financial crisis, but moderately worse than the -7.6% recorded in 2008 during the global financial crisis. In work done terms, we expect a contraction of 6.9% in 2020, in contrast to +8.3% in 2008 and -8.9% in 1998. The proportionally large hit to work done in 2020 is caused by the lockdown and the requirement for strict social distancing when the construction sites reopened, which has significantly impaired productivity.
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