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.
Discover additional trends and data on South Korea’s urbanization rate, South Korea’s net lending/borrowing as percentage of GDP, South Korea’s annual GDP.
