Asia’s fourth-largest economic growth was driven by chip shipments and electronics and economic growth.
South Korea’s economic growth met expectations in the first quarter, prompting the country to exit due to the desire to export as the economy grew and the government continued to support small businesses that were ill.
Gross domestic product (GDP) grew by 1.6% in March since three months earlier, the Bank of Korea (BOK) said Tuesday, faster than the average 1% growth in Reuters growth and followed by 1.2% growth in December. .
Asia’s fourth-largest economy continues to grow after declining 1% last year, the shortest since 1998, driven by heavy industries such as chip and electronics, especially exports.
Korea has become one of the most successful economic institutions in the world, thanks to the external demand for its goods from chips to cars. Investment continued to export in the first quarter as a significant driver to growth, with businesses investing heavily in spending on faster returns.
GDP grew 1.8% year-on-year in January-March after lowering 1.2% in the previous three months, beating the 1.1% growth rate again.
“Economic growth is accelerating in the next and next quarter, and in the future it is driven by strong currencies that are exported and exported, as industries rush to meet foreign regulation,” said Park Sang-hyun, an economist at Hi Investment & Securities. “Growth in the second quarter will also be strong.”
In support of this, Hyundai Motor Co last week recorded a threefold increase in profits over the first four years of the first quarter as the demand for its high-end cars grew.
Researchers expect that profits will also skyrocket with South Korean manufacturers such as SK Hynix and Samsung Electronics when they announce the first quarter of this week.
The country’s finance ministry said it expected the economy to grow at a faster rate of 3.2%, as it has already shown, as more economies including the United States are moving faster and changing Korea’s foreign demand.
Growth is driven by exports and retail sales, which rose 1.9 percent and 6.6 percent quarter-quarters, respectively.
Consumption alone started at 1.1% in the quarter, declining 1.5% in the last three months.
New potential risks
In early April, South Korea set a limit on fears that a fourth threat of COVID-19 could occur, with cases striking every three months and the vaccination rate being about 4%. The lowest price is compared to 42 percent in the United States.
The BOK also said that coronaviruses are increasing as a new threat to early growth this month, although it has seen strong deployment and increased use continue to boost the economy.
BOK Governor Lee Ju-yeol said earlier in April that “between 3%” growth “is” possible “this year, based on the predicted 3% growth rate in 2021.
A survey by Reuters on Friday showed economists expecting South Korea’s economy to grow by 3.4% this year, the fastest growing in 10 years.
The date also follows the growing reports from China and Singapore, which are paving the way for a global expansion. But if the run continues to the destination. Although the vaccine has allowed the spread of HIV in some parts of the world, recent developments in India show that no country is immune to the dangers of emerging endangered species.
Economists have high hopes but see problems growing as a result of local epidemics. South Korea has found it very difficult to hide infectious diseases this year and the disease has not started in the general public. Complete recovery in the labor market is a long way off as social norms would still hamper social work.