• S. Korean Economy Grew At Fastest Clip In 11 Years In 2021
Shoppers wearing masks pack a traditional market in Ulsan ahead of the Lunar New Year. [Photo: Newsis]  

South Korea's economy has posted its highest growth rate in 11 years as consumption and exports bounced back from the pandemic-caused slump, according to central bank data Tuesday.

According to the Bank of Korea, the gross domestic product (GDP) is estimated to have grown 4 percent in 2021, marking a turnaround from a year earlier when the economy contracted 0.9 percent for the worst performance since 1998.

The 2021 growth rate marked the highest tally since 2010, when the economy expanded 6.8 percent.

The BOK cited the government's extra budgets, eased antivirus curbs, high vaccination rates and consumers adapting to the pandemic, coupled with rebounding exports, as factors that contributed to the overall trend of economic growth.

In November, the BOK predicted the economy would grow 4 percent for 2021 and 3 percent for this year.

The central bank will announce its updated growth outlook next month.

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