South Korea’s GDP growth rate in 2020 -1%, negative growth again after 22 years

According to the preliminary accounting data released by the Bank of Korea (Central Bank) on the 26th, the gross domestic product (GDP) of South Korea grew by 1.1% in the fourth quarter of 2020, and the annual economic growth rate fell back to negative for the first time since the Asian financial crisis, at -1%.

Affected by the COVID-19 pandemic, the economic growth rate in each quarter of last year was -1.3%, 3.2%, 2.1% and 1.1%, respectively.

According to this calculation, GDP growth rate was -1% last year, and negative growth has been repeated in 22 years since the 1998 (-5.1%) financial crisis.