South Korea’s economy bigger than first thought

The nation’s economic size amounted to 2,401 trillion won on a nominal basis as of last year, compared with a previous estimate of 2,236 trillion won. — Bloomberg

SEOUL: South Korea’s economy has grown 4.9% more than previously thought every year on average since 2000, a revision that lowers the share of national debt and raises the scope for more policy action by monetary and financial authorities.

The nation’s economic size amounted to 2,401 trillion won on a nominal basis as of last year, compared with a previous estimate of 2,236 trillion won, according to the Bank of Korea (BoK) yesterday.