South Korea's top economic policymaker said the country posting a contraction in the economy of one percent last year amid the COVID-19 pandemic has proven the economy's strength in standing against crises.

On his social media account on Tuesday, Finance Minister Hong Nam-ki compared South Korea’s gross domestic product(GDP) growth to other countries, saying the world's top ten leading economies are forecast to have contracted between three and over ten percent last year.

The Bank of Korea(BOK) announced advance data earlier that the economy expanded one-point-one percent on-quarter between October and December last year, and that the GDP shrank one percent in 2020.

Disappointed about failing to prevent annual negative growth due to the epidemic, Hong still assessed that two consecutive quarterly expansions were achieved in the second half after strengthening the basis for a fast recovery.

While the nation's manufacturing exports have helped accelerate recovery, the minister sympathized with people struggling amid the prolonged stagnation in domestic consumption and difficulties with livelihoods.

Hong stressed that the most urgent task is to stabilize the COVID-19 situation and normalize economic activities.