New data shows South Korea’s economy posted growth lower than the average of member states of the Organization for Economic Cooperation and Development(OECD) last year. 

According to the Bank of Korea and the OECD on Wednesday, South Korea’s gross domestic product in the fourth quarter of last year slipped zero-point-four percent to post negative growth for the first time since the second quarter of 2020. 

The latest growth figure is not only lower than the OECD average of zero-point-three percent but is also the fifth lowest figure to be posted among 29 OECD member states.

The data found that South Korea was among ten OECD countries that witnessed negative growth in the fourth quarter of last year. 

Overall, the nation’s economy posted growth of two-point-six percent in 2022 which is lower than the OECD average of two-point-nine percent. 

As a result, South Korea came to post economic growth lower than the OECD average for two straight years for the first time since becoming a member in 1996. The only other years the nation logged growth lower than the OECD average was in 2021 and 1998.