By Xu Aiying and Yoon Sojung

Korea's GDP declined 3.3% in this year's second quarter from the first, but this figure ranked second among 14 major economies that released their GDP growth rates for the same quarter.

Thus the Korean economy can be seen to have shown a relatively better performance than others despite the COVID-19 pandemic.

The Organisation for Economic Cooperation and Development (OECD) on Aug. 2 announced that average GDP growth of 14 countries -- 13 member countries and non-member nation China -- in the second quarter was an estimated minus 9.6%.

Achieving growth of 11.5%, China was the only country that showed no contraction in the second quarter among the 14 countries. This is thanks to China's fast recovery after being the first country hit by the pandemic.

All other major economies such as the U.S., Germany, Italy and Spain showed minus GDP growth. The U.S. saw a decline of 9.5%, Germany 10.1%, France 13.8%, Italy 12.4% and Spain 18.5%.

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki on Aug. 1 said on his Facebook account, "Making a simple comparison is difficult, but judging from the declines in GDP growth alone, the shocks to major economies by COVID-19 were three to five times worse than that to the Korean economy."

"The Korean economy minimized the damage it suffered from the pandemic 20%-30% than other countries."

The minister added, "We pledge that in the third quarter, we will further boost this hope and achieve a definitive economic rebound."

Country	GDP growth in Q2 (from previous quarter)
China	11.5%
Korea	- 3.3%
Czech Republic	- 8.4%
U.S.	- 9.5%
Germany	- 10.1%
Austria	- 10.7%
Canada	- 12.0%
Belgium	- 12.2%
Italy	- 12.4%
Finland	- 13.8%
France	- 13.8%
Portugal	- 14.1%
Mexico	- 17.3%
Spain	- 18.5%
Avg.	- 9.6%

GDP growth rates announced by OECD

xuaiy@korea.kr