Economic data paints a grim picture for the South Korean economy.
According to Statistics Korea on Tuesday, South Korea's overall industrial output plunged 3.5 percent in February from a month before its largest on-month fall since February 2011.
The agency attributed the drop to reduced production in the service sector and a drop in retail sales because of a change in consumption trends amid the COVID-19 crisis.
Disruptions in automobile supply chains also led to a sharp fall in manufacturing production.
Business sentiment in South Korea also tumbled this month.
The Bank of Korea said on Tuesday that the Business Survey Index for manufacturers was down nine-points on-month to 56 for March.
It's now at a level not seen since the 2008 global financial crisis.