South Korea's growth forecast for this year raised to 3.7%
South Korea's growth forecast has been raised by 3.7%, and the OECD reflected the recovery in semiconductor exports It's time to look at the inflation outlook as well; quickly check the trends in growth and inflation
The Organisation for Economic Cooperation and Development (OECD) has raised its forecast for South Korea's economic growth rate this year to 3.7%. In its interim economic outlook released on the 23rd, this is 1.1 percentage points higher than in June, marking the largest upward revision among the Group of 20 (G20) countries.
The OECD explained that the increase in semiconductor exports and production was behind the upward revision in growth. The Asian Development Bank (ADB) also raised South Korea's growth forecast to 3.2% on the same day.
However, the inflation outlook was also raised. The OECD put this year's consumer price inflation at 3%, saying that improved growth and higher international oil prices had an effect. The OECD expects energy prices to gradually stabilize in the future and recommended monetary policy to ensure price stability and temporary energy support.