South Korea emerged as one of the few countries with GDP growing

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South Korea’s economy emerged from a recession caused by the coronacrisis in the third quarter. In particular, the Asian country benefited from strong exports of technology equipment and chips, for example.

The South Korean economy, the third largest in Asia, grew by 1.9% compared to the previous period. That’s the strongest quarterly growth in ten years. In the first and second quarters of this year the economy shrank precisely because the country was hit by the crisis and weaker external trade. But now South Korea’s exports are clearly attracting more attention, particularly to China.

Compared to a year earlier, South Korea’s gross domestic product (GDP) fell by 1.3%. Economists expect a slight contraction of the South Korean economy across 2020.

Experts say that the South Korean government has been very effective in tackling the virus outbreak by taking strict quarantine measures, which also helps with the economic recovery. The government also came up with many incentives.

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