Last year’s economic growth rate -1.0%… Reverse growth in 22 years
[앵커]
Last year, Korea’s economic growth rate was -1%.
Due to the corona crisis, it recorded the first negative growth since 1998, the year following the financial crisis.
Although the decline was the least among the member countries of the Organization for Economic Cooperation and Development, exports and consumption were all sluggish.
This is reporter Lee Dong-hoon.
[기자]
Last year, when the Corona 19 swept away, Korea’s real gross domestic product and GDP decreased by 1% from the previous year.
This is the first negative growth in 22 years since -5.1% in 1998, the year following the financial crisis.
Quarterly, the first half showed negative growth, but the second half rebounded on strong exports.
However, as a whole last year, both exports and imports grew negatively.
It is the first time since 2009 that exports recorded negative, and the decline was the largest since 1989.
Income also declined the most after the global financial crisis.
Due to the COVID-19 outbreak, distances were strengthened and private consumption decreased by 5%, which is also the largest decrease since -11.9% in 1998.
The Bank of Korea assessed that the growth rate in the fourth quarter and last year exceeded expectations, but did not return to a full recovery.
“Even if the annual growth rate was -1.0%, which is better than expected, it would be difficult to completely escape the effects of Corona 19. Private consumption is at a level of 93% compared to the fourth quarter of 2019…”
In addition, as the trend growth rate of the 2010s was 2.3%, it was evaluated that it is difficult to say that the recovery trend is fast for last year’s growth rate of -1%.
However, it explained that the decline in the growth rate compared to the previous year was 3 percentage points, which is better than other member countries of the Organization for Economic Cooperation and Development, which are expected to reach 5 to 7 percentage points.
This is Yonhap News TV Lee Dong-hoon.
Yonhap News TV article inquiries and reports: katok/line jebo23
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