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South Korea Eyes Rich Nation Status as Economy Holds Up

  • 4Q growth could limit 2020 contraction to OECD low of 1%
  • President Moon says income per capita to reach G-7 levels
General Views of Seoul Ahead of South Korea's GDP Announcement
Photographer: SeongJoon Cho/Bloomberg

South Korea probably ended 2020 with less economic scarring than its developed peers and comparable income levels, as exports helped drive a recovery even with multiple waves of the coronavirus making consumers reluctant to spend.

The Bank of Korea is expected Tuesday to report quarterly growth of 0.9% in the last three months of 2020 that would limit the contraction over the whole year to 1%, according to a Bloomberg calculation.