South Korea performed relatively better in terms of economic growth in the second quarter compared to 38 major economies including members of the Organization for Economic Cooperation and Development (OECD).

According to the Bank of Korea on Sunday, South Korea's economy shrank three-point-two percent on-year in the April-June period, posting the smallest decrease among the 36 OECD members.

China expanded eleven-point-five percent over the cited period, while Russia tied South Korea for second place with a decrease of three-point-two percent. China and Russia are not members of the OECD.

Among the OECD member states, Finland followed with a four-point-four percent drop in its GDP, trailed by Norway and Estonia.