After the COVID-19 epidemic, the Korean economy was beginning to show signs of recovery as of my knowledge cutoff date of September 2021. The nation's gross domestic product (GDP) expanded at its quickest rate in more than a decade in the second quarter of 2021, increasing by 0.8%. Strong exports, particularly of semiconductors and other high-tech goods, were the main driver of the recovery.
There were worries about the pandemic's effects on specific economic sectors, such tourism and small enterprises, as well as growing inflation. In order to support these industries and promote a more equitable recovery, the government was putting several measures into place.
As the prognosis for the world economy improved and domestic consumption and investment increased, it was anticipated that the Korean economy would expand overall, albeit at a little slower rate than in the second quarter.
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