South Korea’s economic growth rate has fallen behind the G20 average for the fourth straight year, according to data released Sunday.
Korea’s gross domestic product grew by 3.3 percent in 2014, lower than the G20 average of 3.4 percent, according to the Organization for Economic Cooperation and Development.
Korea’s economic growth surpassed the G20 average from 1999 to 2010 ― even during the global financial crisis of 2006-2010 ― with the exception of 2003 and 2005.
The nation’s unprecedented four-year underperformance has left local experts concerned about deflation.
The report was revealed three days after the Bank of Korea cut its key interest rate to a record low of 1.75 percent to prevent deflation.
