The government will hold an emergency meeting after the central bank said the economy marked the lowest growth in a decade.

Finance Minister Hong Nam-ki will chair the video conference on Thursday at the government complex in Seoul, which will be attended by the heads of economy-related ministries and a presidential secretary for economic policy.

The participants will assess economic conditions and discuss possible response measures amid negative indicators.

The Bank of Korea said earlier that the economy is estimated to have shrunk point-three percent in the first quarter on-quarter.  

The reading marks the lowest growth since the fourth quarter of 2008, when the economy contracted three-point-three percent from the previous quarter. It also marks the first contraction in five quarters.