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S. Korean economy one of least affected by COVID-19: OECD Updated: 2020-08-27 17:06:07 KST

The Bank of Korea on Thursday revised this year's growth sharply downward, but the OECD projects South Korea's economy to be one of the ones least affected by the COVID-19 pandemic among its members.
Based on its "single-hit" scenario, meaning there is no second wave of COVID-19, South Korea's economy is likely to contract by point-eight percent this year, which was revised upward this month from the previous minus one.two percent.
When compared to G7 economies, like France or the U.S., that's not too gloomy of a forecast.
If there is a second wave, however, the economy is likely to shrink by two percent.
For next year, the OECD expects the Korean economy to grow by a little over three percent.
On Wednesday, Moody's revised South Korea's real GDP growth downward slightly to minus point-eight percent, while having raised the growth to over three percent for next year.
The ratings agency expects G20 economies to see a contraction of four.six percent in 2020, saying pandemic fears would continue to hinder a complete recovery.

Some economists do not seem to draw too grim of a picture for South Korea's economy, though.
Commenting on the latest OECD figures on opinion page 'Project Syndicate', British economist Jim O'Neill said, that South Korea "has long been a role model for other developing economies", and is becoming "one for more advanced economies like the United States and the UK."
He cited the country's prevention of a nationwide epidemic at an early stage, mostly on the back of technological advancements that facilitated thorough monitoring.
Some, however, also point out that the country should not let its guard down, particularly when it comes to a possible second-wave of the pandemic.
Yoon Jung-min, Arirang News.
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