The economy will contract slightly this year. The declining economic performance reflects the economic and social upheaval caused by the Coronavirus (COVID-19), as well as sluggish growth in exports, particularly in the electronics industry, which has been adversely affected by the slowdown in China. The launch of South Korea’s 5G network in the fourth quarter should provide some impetus. Real GDP will grow by 3.3% in 2021, with annual rates of growth expected to be around 2.2% in 2024-2027.
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