S. Korean economy shrinks at steepest clip among OECD countries: report

SEOUL, Feb. 25 (Yonhap) -- South Korea's economy contracted at the fastest pace
among member countries of the Organization for Economic Cooperation and
Development (OECD) during the final quarter of last year, data showed Wednesday.
According to the data provided by the Ministry of Strategy and Finance, South
Korea's seasonally-adjusted gross domestic product (GDP) contracted 5.6 percent
in the fourth quarter from three months earlier, marking the steepest decline
among the 30 OECD member countries.
During the same period, OECD countries saw their fourth-quarter GDP shrink by an
average of 1.5 percent, the lowest ever since the organization's establishment in
1960.
Japan was among the hardest-hit, with its GDP declining 3.3 percent in the
October-December period, the data showed. Germany, Portugal and Italy came next
with their GDPs contracting 2.1 percent, 2 percent and 1.8 percent, respectively.
Experts say that South Korea's export-driven economy was most affected by
U.S.-sparked global financial turbulence and resulting worldwide recessions.
Exports plunged a record 33 percent in January from a year earlier.
South Korea recently forecast that its economy, Asia's fourth-largest, will
contract 2 percent this year compared with the previous year's 2.5 percent
advance on faltering exports and domestic demand.
kokobj@yna.co.kr
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