Korea Financial Research Institute predicts: South Korea’s economic growth rate will be negative 1.2% in 2020
November 6, According to Korea Broadcasting International (KBS), on the 5th, the Korea Financial Research Institute issued a forecast that South Korea’s economy will experience a negative 1.2% growth in 2020 and is expected to resume positive growth in 2021 (2.9 %).
According to reports, on the 5th, Park Sung-wook, director of the Macroeconomic Research Office of the Korea Financial Research Institute, said that due to the impact of the new crown epidemic, South Korea’s domestic demand and exports have declined, and the economy will experience negative growth in 2020 and may gradually recover in 2021.
Park Sung-wook said that with the new crown epidemic under effective control this winter, progress in the development and popularization of new crown vaccines, the implementation of loose monetary and fiscal policies, and the recovery of domestic and foreign demand, the Korean economy will rebound with exports and investment as the center. The economic growth rate in 2021 may reach 2.9%.
Park Sung Wook also said that if the economy improves in the first half of the year after the new crown vaccine is approved in early 2021, South Korea’s economic growth rate is expected to rise to 3.5% in 2021.