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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
South Korea GDP Growth (1961-2023)
South Korea's GDP growth reflects its transition from an agrarian economy to a tech-driven powerhouse. Growth surged in the 1960s and 1970s, reaching 14.9% in 1973 due to industrialization. Despite contraction in 1998 amid the Asian Financial Crisis, the economy rebounded swiftly. After stable growth in the 2000s, the pandemic caused a slight contraction in 2020, but recovery was quick, with a 4.3% growth rate in 2021. By 2023, growth stabilized at 1.4%, reflecting matured economic conditions.
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