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Economy

South Korea limits COVID damage to 1% GDP contraction in 2020

Led by chip demand, exports are set to contribute to strong recovery this year

SEOUL -- South Korea's economy shrank just 1% last year as strong exports helped limit the damage of the coronavirus pandemic that wreaked havoc on private consumption.

Bank of Korea data published Tuesday showed the economy contracted for the first time since the Asian financial crisis two decades ago as private consumption dropped 5% from the previous year. But the slide was cushioned by a 0.4% increase in net exports.

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