South Korea’s economic growth hits 11-year high

A jump in exports and construction activity sent South Korea’s economy to an 11-year record growth rate in 2021, according to data released by the country’s central bank, the Bank of Korea (BOK). The country’s GDP expanded 4% in 2021 on the back of soaring demand for exports. In Q4, South Korea’s economy grew 4.1%, beating a median forecast of 3.7%. Activity was slower in December, but the hit was smaller than before, the BOK noted. The central bank expects GDP to grow 3% this year as Asia’s fourth-largest economy benefits from strong chips exports and increased public spending. The BOK, however, underscored local COVID-19 cases this week as a threat to consumption. A recent Reuters poll of 20 economists forecast the economy to grow 2.9% this year,