Second Quarter Down
The pace of economic growth is slower in Korea than in many other countries lately. From April to June this year, the quarter-on-quarter economic growth rate of Korea was lower than those of fiscal crisis-stricken countries such as Greece and Spain.
Korea recorded a quarter-on-quarter real GDP growth rate of no more than 0.3 percent in the second quarter of this year. The percentage was close to zero, given that an inventory increase accounted for two-thirds of it.
Korea’s economic downturn was particularly severe, although most of the developed and developing economies around the world are going through hard times these days. Specifically, China reached 1.7 percent in the second quarter, while that of Hong Kong and Taiwan were 0.4 percent and 1.59 percent, respectively. Indonesia recorded as high as 3.78 percen, and Malaysia’s figure was 2.6 percent. Japan and Thailand showed a negative growth of 0.4 percent and 6.44 percent each.
Korea was outperformed even by the southern European countries that have gone through fiscal crises. Greece posted a growth rate of 0.8 percent during the same period, while Spain increased its real GDP by 1 percent, the highest rate of increase in eight years. Britain, Hungary, and Germany reached 0.65 percent, 0.5 percent, and 0.4 percent each.