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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.
