Anchor: The South Korean economy grew two percent last year, the slowest pace in a decade. However, the fourth quarter of 2019 marked the fastest growth in more than two years, raising hopes of better days ahead.
Park Jong-hong has this report.

Report: The Bank of Korea said Wednesday that the country's gross domestic product(GDP) expanded two percent in 2019 from a year earlier.

Although this is higher than market expectations of one-point-nine percent, it was the slowest on-year growth since 2009. That year saw just a point-eight percent expansion of the economy due to the global financial crisis.

The central bank said GDP growth last year was largely weighed down by sluggish outbound shipments amid the prolonged trade row between the United States and China.

Other attributed factors include weak domestic spending and investment.

However, the fourth quarter of last year was better than expected for South Korea’s economy. It grew at a one-point-two percent rate on the back of the government's active fiscal spending and increased investment in construction. 

The figure represents the fastest quarterly growth rate since the third quarter of 2017.

Meanwhile, pointing to a modest recovery in private investment and consumption, Finance Minister Hong Nam-ki said Wednesday he is confident that nation's economy can rebound this year.

Hong said such positive readings will help the economy re-establish a foothold and regain growth momentum.

The Finance Ministry expects the economy to grow by two-point-four percent this year.
Park Jong-hong, KBS World Radio News.