Dhaka, Jan. 26 -- South Korea's government promised strong support for exporters after the country posted on Thursday its first economic contraction in 2/1-2 years, due mainly to a crash in exports, and faced a possibility it was in recession.

Playing down the economic slowdown as part of a global trend and saying a return to growth in the current quarter "is possible", Finance Minister Choo Kyung-ho pledged prompt support measures for exporters, such as tax breaks and administrative help, reports Reuters.

Central bank estimates showed gross domestic product (GDP) shrank 0.4 per cent in the October-December period from the previous quarter. Economists in a Reuters poll had expected a 0.3 per cent fall.

"The government will focus policy...