As policymakers and authorities project the Korean economy running at pre-Covid-19 pace on better-than-expected exports, the gross domestic product (GDP) for Asia’s fourth largest economy may have grown more than 1 percent in the first quarter, analysts say.

During a meeting with CEOs on last Thursday, President Moon Jae-in projected GDP to have recovered to pre-Covid-19 pace or neared it.

Korea’s GDP added 1.3 percent on quarter in the final quarter of 2019 before the first wave of Covid-19 in February-March. It finished the first three-month period of 2020 with a 1.3 percent contraction.

Bank of Korea Governor Lee Ju-yeol after a monetary policy meeting last week projected the GDP growth this year could be minimum 3.5 percent, up from 3.0 percent estimated in February. The economy contracted 1.0 percent last year.

The Bank of Korea releases preliminary GDP data for the first quarter on April 27. It will issue adjusted economic outlook next month.

By Pulse

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