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S. Korean economy grew 4% in 2021; fastest pace in 11 years Updated: 2022-01-25 17:20:54 KST

Last year, according to the Bank of Korea, the South Korean economy grew at the fastest pace in 11 years.
The Bank of Korea said Tuesday that the country's gross domestic product, adjusted for inflation, grew at 4 percent, which is in line with the BOK's forecast.
It's a rebound from the negative growth of point-9 percent seen the year before, which supports the BOK's continuing move away from its emergency stimulus measures.
Exports, which were the mainstay of economic growth in 2021, rose by almost 10 percent on-year.
Another main driver was an on-year rise in private spending of 3.6 percent.

"Despite the surge in infections due to the spread of the COVID-19 variant, South Korea's exports mainly semiconductors, chemical products and automobile parts have surged along with the globally expanding vaccine drive. Also, domestically consumer sentiment has improved with the government's relief policies, the activation of online classes and as people got used to the pandemic."

The new data for Q-4 of last year, show that the recovery remained on track, expanding by one.one percent from the quarter before.
This was the sixth straight quarter of growth, again supported by strong export demand and a pickup in consumption.
Exports increased by four.three percent on-quarter led by semiconductors, coal and petroleum products.
Spending in the private sector increased by 1.7 percent in Q-4 on quarter, led by restaurants and lodging, which got a boost from a temporary easing of the distancing rules before the start of Omicron.
Commenting on last year's growth in a social media post, Finance Minister Hong Nam-ki stressed that South Korea has achieved the fastest and strongest economic recovery among the G20 member countries.
Hong noted that Korea was able to minimize the contraction in 2020 and return to strong growth in the pandemic's second year, a sign he said of the Korean economy's undeniable strength in times of crisis.
Eum Ji-young, Arirang News.
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