S Korea posts worst growth in 2 decades

27 January, 2021 12:00 AM printer

SEOUL: South Korea recorded its worst growth in more than two decades in 2020, the central bank said Tuesday, but it is expected to be among the best-performing OECD economies in the wake of the coronavirus pandemic.

The country's gross domestic product contracted 1.0 percent in 2020 from a year earlier, the Bank of Korea said, citing weak private spending and exports, reports AFP.

It marks the worst annual growth since 1998, when the South Korean economy shrank 5.1 percent in the aftermath of the Asian financial crisis.

Still, South Korea is expected to be among the countries in the OECD group of developed economies least affected by the pandemic in 2020.

In the fourth quarter of 2020, the South's economy -- the world's 12th-largest -- grew 1.1 percent from the previous quarter, data showed, marking a second consecutive quarter of growth amid the pandemic.