The two biggest stories of 2020 were South Korea’s successful response to the coronavirus crisis and the lack of progress in the denuclearization of North Korea. South Korea was able to contain the spread of the coronavirus mainly due to aggressive tracing and testing. There has been no substantial progress on the denuclearization of North Korea. Macroeconomic performance in 2020 virtually came to a halt amid the pandemic. South Korea’s GDP shrank considerably and shows no signs of rebounding.

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