SEOUL, Oct. 4 (Korea Bizwire) — South Korea performed relatively better in terms of economic growth over the second quarter of the year compared to other members of the Organization for Economic Cooperation and Development (OECD), data showed Sunday.
South Korea’s economy contracted 3.2 percent on-year in the April-June period, which marked the smallest decrease among the 36 member countries of the Paris-based organization, according to the data compiled by the Bank of Korea.
Over the cited period, China, which is not a member of the OECD, advanced 11.5 percent, while Russia decreased by 3.2 percent, the central bank also said.
Among member states of the OECD, Finland followed with a 4.4 percent decrease in its GDP, trailed by Norway and Estonia with 5.1 percent and 5.6 percent each.
Britain posted the sharpest decrease of 20.4 percent on-year in the second quarter, while Spain slipped 17.8 percent.
South Korea’s economy may have further lost ground over the July-September period, given that the country rolled out an enhanced social distancing scheme in the third quarter in line with efforts to curb the spread of COVID-19.
South Korea rolled out the Level 2 social distancing scheme throughout the country from end-August to mid-September, with more restrictions added to the greater Seoul area that houses around half of its population.
Under the Level 2 scheme, indoor meetings of more than 50 people and open-air gatherings of over 100 people are banned in principle. So-called risk-prone facilities, including karaoke rooms, clubs, PC cafes and buffets, have been ordered to shut down.
Such measures are anticipated to have weighed down on the country’s consumption.
Experts also warned that the virus pandemic may strain the country’s economy for the fourth quarter as well, should the number of new virus cases rebound later in October in the aftermath of the five-day Chuseok holiday that runs through Sunday.