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Success in COVID-19 battle keeps S. Korean economy in relatively good shape Updated: 2020-06-26 17:16:16 KST

South Korea's quick, effective response to COVID-19 has kept the country's economy in a relatively good place.
Keeping the country's 2020 growth rate at negative one.five percent on Friday, S&P Global Ratings praised Korea for coping exceptionally well with the pandemic.
The International Monetary Fund also predicted the economy to shrink by two.one percent in 2020. But even though that rate is negative, it's still the highest growth rate among developed countries.
Back in April, the IMF said South Korea's active approach to the crisis and swift economic measures alleviated the impact of COVID-19 on the local economy.
Global ratings agency Moody's has also predicted that South Korea will be the lone G20 economy to have higher growth in next year's fourth quarter than in the fourth quarter of 2019.
And in early June, South Korea became the third Asian country to be listed on the World Bank's emergency care countries after Thailand and Singapore.
The World Bank highlighted the country's high level of medical development, trustworthy medical system, accessibility, safety and social infrastructure.
South Korea will now offer immediate medical care to World Bank employees with life-threatening conditions if local hospitals in other countries cannot provide treatment.
In addition, South Korea topped the European Innovation Scoreboard for 2020 for eighth straight year.
Receiving over 130 points, South Korea aced in several areas including applications for patents, trademarks and designs.
The country also moved up five notches to 23rd in this year's global competitiveness scale, released by the International Institute for Management Development.
Kim Dami, Arirang News.
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