Although South Korea experienced negative economic growth in 2020 due to the effects of the Kovid-19 pandemic, it is ranked third in the world after China and Norway. Economic growth is better than other major economies in the world. This is according to a report due to local news in South Korea, The Korea Herald.
The Organization for Economic Co-operation and Development (OECD) in Paris has released a new report, citing South Korea’s economic contraction of about 1% by 2020 as the worst economic slowdown since In 1998, during that time, the Korean economy contracted by more than 5% due to the Asian financial crisis.
Despite negative economic growth in 2020, Korea is still the third fastest growing economy in the world. By 2020, China will be the largest economy with the highest growth rate at 2.3%, followed by Norway at 8% and South Korea at 1%. South Korea is the fourth largest economy in Asia, which in 2020 will maintain a modest economic growth than many other major countries such as Indonesia, Sweden, the United States, Japan, Germany, the United Kingdom and Spain. All of these have economic growth between -2.1% and -11%.
Keeping the economy in the throes of a recession is due in part to the Korean government taking corrective measures against Kovid-19 along with a number of other fiscal measures. Last year, for example, the Korean government launched three rounds of cash aid measures totaling about 28 billion US dollars.