South Korea is one of East Asia's economic powerhouses and a leading global exporter of high-tech manufacturing. While many advanced economies suffered deep recessions following the 2020 global pandemic, South Korea's robust domestic management and export demand initially buffered its economy. Gross Domestic Product (GDP) per capita has risen steadily over the last decade, often diverging in trend from other highly industrialised nations.
Table 1 – A comparison of South Korea and average OECD annual % real GDP growth rates – 2016–2022
| Year | South Korea (%) | OECD Average (%) |
|---|---|---|
| 2016 | 2.9 | 1.8 |
| 2017 | 3.2 | 2.5 |
| 2018 | 2.9 | 2.4 |
| 2019 | 2.2 | 1.6 |
| 2020 | -0.7 | -4.3 |
| 2021 | 4.1 | 5.6 |
| 2022 | 2.6 | 2.9 |
Using Table 1, compare the real GDP growth rate of South Korea with that of the OECD average.
