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South Korea is projected to recover faster compared to other countries that were also battered by the COVID-19 pandemic. Based on the prediction, the country will be able to rise up again at a faster rate this year.
Mainly, South Korea was named as the fastest country to recover because it has systematically dealt with the pandemic crisis. Its swift response to the situation is another reason why the region will be able to get its economy back up and running smoothly as before.
But of course, the demand for advanced technology worldwide will also help South Korea to regain back its high status when it comes to economic health. The region is a known hub for technology, so it starts to trade again in the international markets, businesses will eventually rebound, and the economy will grow.
Experts revealed opinions on SoKor’s economic recovery in 2021
The Korea Times also interviewed experts to give their views on how they see South Korea’s economy will develop this year. Sohn Sung Won, a professor of economics at Loyola Marymount University, believes that South Korea will get back its healthy economic status before the coronavirus pandemic struck the country at a faster pace.
"The Korean economy will show the quickest return to the pre-pandemic peak among OECD countries," he said. "After contracting about 1 percent in 2020, the Korean economy should grow by 3 percent or more in 2021."
He added that his positive outlook stemmed from the fact that he thinks there will be an increase in demand for South Korean-made electronic goods, semiconductors, and advanced healthcare items.
Christian de Guzman, VP and senior credit officer at Moody's, a company that provides services in the area of credit ratings, research, and analysis for the global capital markets, also think that the country will go back to its booming economy level in no time.
"We see Korea returning to its 2019 levels of real GDP before all other G20 advanced economies, a group that includes the U.S., euro area, Japan, Canada and Australia," De Guzman stated.
Korea’s stock market
It appears that the prediction is correct as Asia Times reported that the stock market of South Korea at the end of 2020 showed high record marks. Apparently, the country’s economy already started to pick up even before the new year starts.
It was revealed that the strongest business that pushed the stock market to rise was the tech sector. The other business sects are also expected to recover slowly and help South Korea’s economy to recover quickly.
