SEOUL, South Korea -- South Korea’s economy has recovered from the COVID-19 pandemic faster than expected, with GDP growing 1.6 percent during the period between January and March of this year compared to the previous quarter.

The GDP growth surpassed the level at the end of 2019 before the economy was hit by the pandemic. South Korea reported its first COVID-19 case in January 2020.

Among the world’s top 10 economies, only three countries have achieved that feat. The two other countries that managed to climb back to pre-pandemic levels are China and India.

The United States is on track to reach that level later this year.

Deputy Prime Minister and Finance Minister Hong Nam-ki said South Korea’s economic performance in the first quarter of 2021 is encouraging, particularly because the recovery was triggered by exports and private consumption. Calling it a “double” action, referring to the roles played by outbound shipments and consumer spending, Hong noteded that last year’s fourth quarter performance was led by exports only.

Overseas demand for South Korean products, ranging from cars and chips to ships and home appliances, helped the economy grow faster than any other advanced economy.

In addition, Hong said the government’s measures to ease social distancing also played a part to boost private consumption.

“Considering the higher-than-expected first-quarter performance, the global economic recovery and exports in April, the Korean economy will be on track to achieve growth in the mid- to upper-3 percent range this year, which is higher than the Government’s earlier prediction of 3.2 percent,” he said on Facebook.

According to the Bank of Korea, first-quarter GDP growth this year was triggered by a 1.1 percent increase in private consumption and a 6.6 percent surge in facility investments, led by an increase in machinery and transport equipment.

Despite the positive news about GDP growth, Hong pointed out that small and medium-sized companies and the self-employed are still reeling from the pandemic as their businesses were heavily impacted. Women and children are other groups that have been hit hard by the pandemic, he noted.