Dialoguepk

29 July 2020 Author: Troy Stangarone, Korea Economic Institute of America In the span of a little more than a decade the world has experienced two economic crises. The Great Recession was precipitated by the global financial crisis of 2007–2008. Now an economic recession is being induced by government measures to stop the spread of COVID-19. South Korea came out of the Great Recession better than many other developed economies and is positioning itself to do the same after COVID-19. South Korea was able to avoid economic decline during the Great Recession. While economic growth slowed, South Korean GDP grew by 0.7 per cent in 2009. South Korea was able  to avoid a recession  thanks to a banking and corporate sector that had become more fiscally sound in the aftermath of the Asian Financial Crisis a decade earlier, a diversified export portfolio and a fiscal stimulus package equivalent to 6.9 per cent of GDP between 2008–2010. The government also introduced a five-year Green Gr