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Economy

South Korea grows at slowest annual pace since financial crisis

Economy expands 2% in 2019, but officials paint rosier picture this year

Seoul is optimistic about GDP for 2020, however analysts remain wary, saying government estimates seem based on sentiment rather substance.   © Reuters

SEOUL -- South Korea's economy expanded 2.0% in 2019, down from 2.7% in 2018, as the country suffered from the U.S.-China trade war as well as a slumping domestic semiconductor industry, the Bank of Korea said on Wednesday.

The figure was the lowest since 2009, when the economy grew 0.8% amid the global financial crisis.

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