The U.S. business magazine Forbes on Jan. 29 posted a column lauding Korea's response to COVID-19 and its optimistic economic outlook this year in the pandemic era. (Screen capture from Forbes)

By Yoon Sojung

The U.S. business magazine Forbes has featured Korea's exemplary response to the pandemic among member countries of the Organisation for Economic Co-operation and Development (OECD), saying the Korean economy has optimistic prospects this year.

Senior contributor to Forbes and East Asian finance columnist William Pesek lauded Korea in his Jan. 29 op-ed titled "South Korea Shows OECD How It's Done in Covid-19 Era."

"The globe knows few better early warning systems than South Korea," he wrote. "Covid-19's second and third waves unnerve leaders around the globe."

Despite uncertainty over the global economy's prospects, Korea's is seeing optimism this year, he said.

Though Korea's 1% economic contraction last year would be a "downer" in normal times, Pesek said, "Nowadays, it represents one of the best performances by an (OECD) member amid the pandemic," adding, "The fact it's Korea gives the feat broader significance."

Though the Korean economy grew slower than those of Vietnam (2.9%), China (2.3%) and Taiwan (1.9%), he said, "The diversity of Korea’s export engine makes it a better showcase for Asia’s resilience during the pandemic."

On nations that showed better economic performance last year, he said, "On one level, all these countries prove once and for all what leaders like former U.S. leader Donald Trump got dead wrong."

"In Korea's case, the question is whether President Moon Jae-in's government can make the most of this moment."

Recalling that Korea’s crisis management facilitated recovery from the 1997-98 Asian foreign exchange crisis and the 2008 U.S.-triggered global economic meltdown and avoided the fiscal austerity that rattled global markets, the columnist said, "Now, as Covid-19 sends the U.S., Japan and Europe reeling, Korea is once again holding its own."

"Assuming Korea won't suffer another surge in infections necessitating lockdowns — or that global growth won't crash anew — Moon is still left with a reform job that's barely begun," he added.

"The good news is that Moon has more than a year left to act."

arete@korea.kr