The latest economic and public-health indicators show that South Korea is far ahead of most others in managing the COVID-19 pandemic and staging a robust economic recovery. The country's success is no accident, and it is time for others to start following its example.
LONDON – On August 11, the OECD signaled that it would be revising its 2020 real (inflation-adjusted) GDP forecast for South Korea from -1.2% to -0.8%, adding to the confidence that the country is faring better economically than any other OECD member. On average, the group’s 37 member states are projected to experience a real GDP contraction of 7.6%. Worse, this news came just a day before the United Kingdom’s government reported a record-breaking second-quarter contraction of 20.4%, following previous forecasts that the UK economy was on track to shrink by 11.5% overall this year.
LONDON – On August 11, the OECD signaled that it would be revising its 2020 real (inflation-adjusted) GDP forecast for South Korea from -1.2% to -0.8%, adding to the confidence that the country is faring better economically than any other OECD member. On average, the group’s 37 member states are projected to experience a real GDP contraction of 7.6%. Worse, this news came just a day before the United Kingdom’s government reported a record-breaking second-quarter contraction of 20.4%, following previous forecasts that the UK economy was on track to shrink by 11.5% overall this year.