SEOUL, May 14 (Yonhap) -- Moody's Investors Service said Thursday South Korea will fare better than other countries in "secondary auto markets" this year in terms of vehicle sales.
The economic impact of the coronavirus outbreak will result in a decline of at least 30 percent in auto sales in India, Brazil, Argentina, Russia, Indonesia and Mexico in 2020, with sales to rebound by about 15 percent to 20 percent in 2021, Moody's said in a report.
In contrast, Moody's said "The standout performer remains South Korea, which opted against the across-the-board lockdown measures common in most other markets. As a result, we expect a far more modest 6 percent drop in auto unit sales, followed by a 2 percent rebound in 2021."
Moody's forecast global sales to plummet 20 percent to 72 million vehicles this year from 90.2 million units a year earlier amid a sharp drop in economic activity in the wake of the COVID-19 outbreak.
In 2021, global auto sales are expected to rebound by 11.5 percent to 80.3 million units. Beyond next year, the recovery in auto demand is likely to continue, but at a slower pace, it said.
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