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The COVID-19 pandemic had a negative impact on Vietnam’s economy during 2020 as the official response to the pandemic led to a major interruption of commercial activity in various key sectors of the national economy. Nevertheless, the direct impact of the pandemic on the consumer lending industry was not particularly pronounced. Although the strong double-digit growth that was being recorded in gross lending terms during the review period softened during 2020, outstanding balance increased…Continue
The COVID-19 pandemic had an immediate negative impact on consumer lending in Thailand during 2020. While consumer lending outstanding balance is expected to have registered a moderate decline over the course of the year after several years of solid growth, gross consumer lending plummeted in value over the course of the year. In fact, all categories of consumer lending are expected to record negative growth in both gross lending and outstanding balance terms during 2020 as the economic…Continue
Consumer lending in South Korea has been strongly impacted by the COVID-19 pandemic, with government restrictions and lockdown measures limiting demand for loans. Like in other countries, many consumers in South Korea decided to postpone taking on credit and purchasing non-essential goods. On the other hand, the scale of the crisis has been softened by government support programmes.
Due to the COVID-19 pandemic, consumer lending, especially gross lending, was hit hard during the government’s state of emergency in April-May 2020. According to Japan Financial Services Association, gross lending of unsecured loans was down by 11% year-on-year in April 2020 and by a further 37% in May 2020. Expenditure on bigger or more expensive items, such jewellery, furniture, appliances and cars, was negatively affected by the pandemic and the economic impact of the measures taken to…Continue