Korea has received some positive economic news from the Organisation for Economic Co-operation and Development (OECD). Earlier this week, the ‘OECD Economic Surveys: Korea 2020’ ranked Korea as first in the OECD in terms of predicted economic growth for 2020. Korea’s GDP was expected to contract by 1.2%, but this has been revised to 0.8% due to higher growth in GDP in the second quarter.
The report notes that Korea’s “swift and effective policy response” to flatten the COVID-19 curve and the “range of government measures to protect households and businesses…limited the damage to the domestic economy.”
Further, the Korean government’s recently announced stimulus package, the Korean New Deal, was praised for seeking to strengthen the country’s post-pandemic economic recovery by boosting “digital, green and skills investments.”
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