Video PlayerClose SEOUL, Jan. 26 (Xinhua) — South Korea’s economy posted the first contraction in 22 years last year on the back of the COVID-19 pandemic, central bank data showed Tuesday. Real gross domestic product (GDP), adjusted for inflation, contracted 1.0 percent in 2020 from a year ago, according to the Bank of Korea (BOK). It marked the first decline since 1998 when the real GDP tumbled 5.1 percent amid the foreign exchange crisis. The country’s first-ever GDP reduction was tallied in 1980 when the real GDP slipped 1.6 percent. The 2020 result was believed to have surpassed other major economies. According to the Organization for Economic Cooperation and Development (OECD) estimates, the economies of the United States, Japan, Germany, France and Britain were believed to have declined 3.7 percent, 5.3 percent, 5.5 percent, 9.1 percent and 11.2 percent respectively in 2020. The COVID-19 pandemic across the world weakened both export and consumers spending of South Korea. Export, which accounts for about half of the export-driven economy, diminished 2.5 percent last year, marking the first fall in 11 years. Private consumption dived 5.0 percent in 2020, logging the biggest yearly slide since 1998. The fiscal expenditure advanced 5.0 percent as… Read full this story
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