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The economy of South Korea is a highly developed mixed economy. [19] [20] [21] By nominal GDP, the economy was worth ₩2.61 quadrillion (US$1.87 trillion).It has the 4th largest economy in Asia and the 12th largest in the world as of 2024. [3]
The economy of South Korea is forecast to grow 1.9%, which is down from 2.1%. The government has provided 136.7 billion won for local governments as support. [344] The government has also organised the procurement of masks and other hygiene equipment. [344]
South Korea's economy grew at a slower-than-expected pace in the third quarter, as subdued private consumption and weak construction and facility investment offset robust exports. Gross domestic ...
South Korea has reported 9,227 new cases, surpassing 30 million relative cases, bringing the total number to 30,008,756. [ 57 ] Taiwan has reported 10,669 new cases, bringing the total number to 9,353,625. 24 new deaths were reported, bringing the death toll to 16,122.
Data from the Bank of Korea on Tuesday showed gross domestic product (GDP) grew 0.7% in the second quarter, after rising 1.7% three months earlier and matching 0.7% growth tipped in a Reuters survey.
SEOUL (Reuters) -South Korea's economy expanded at the fastest pace in 11 years in 2021 helped by a jump in exports and construction activity, tempering declines in capital investment and a slow ...
In 2020, the COVID-19 pandemic exacerbated economic inequality in South Korea. [5] South Korea's President, Moon Jae-in, attributed a deepening wealth gap between the rich and the poor to the 2020 COVID-19 pandemic. [6] South Korea's economy depends on the gross domestic product generated by a handful of the country's largest companies.
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.