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Korea achieves record quarterly GDP growth amid COVID-19

Korea’s success at managing the coronavirus pandemic has been rewarded by the economy growing by its highest quarterly GDP growth rate since 2010.

New data released by the Bank of Korea show that the Korean economy grew 1.9% between the second and third quarters, after two consecutive contractions.

“The combination of effective policy responses and a favourable export structure places South Korea’s economy in a good position to recover faster than most,” said Sanjay Mathur, Chief Economist, Southeast Asia and India at ANZ, and Krystal Tan, an economist at ANZ.

In particular, demand for technology exports from Korea’s largest manufacturers, Samsung, LG and SK, has risen sharply as people connect online and US sanctions reduce demand for Huawei’s technologies.

Alex Holmes, an emerging markets economist with Capital Economics, expects “the economy is likely to contract by around 1 per cent in 2020…[making] Korea one of the best-performing economies this year.”

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The Australia-Korea Business Council is the leading national body committed to strengthening the Australia-Korea economic relationship.