In 2021, amidst the booming export and construction sector, South Korean economy grew at its fastest pace in last eleven years. In doing so, it overcame service sector’s slow recovery due to coronavirus and capital investment declines.
On Tuesday, 25 January 2022, Bank of Korea released data displayed that country’s GDP expanded by 4.0% in the year 2021, as export demand boomed. The BOKs expected forecast for the GDP this year 3%, it may be difficult due to the current rise in COVID-19 cases. But if the country could overcome it, then the Asia’s fourth largest economy can strike back, backed by its increasing public spending and strengthening chip export.