OECD raises South Korea’s growth forecast for this year to 2.6%
OECD raises South Korea’s economic growth forecast to 2.6%, driven by expanded semiconductor exports and investment Quickly check the growth and inflation outlook as seen by the OECD and read the economic trend
The Organisation for Economic Cooperation and Development (OECD) raised its forecast for South Korea's economic growth rate this year to 2.6%. In its World Economic Outlook released on the 3rd, the OECD presented a figure 0.9 percentage points higher than in March, marking the largest upward revision among the Group of 20 (G20).
The OECD explained that the increase in semiconductor exports is driving South Korea's growth and private investment. It also said the current account surplus is expected to grow as exports expand, and that fiscal policies such as supplementary budgets to respond to the energy crisis are also helping the economic recovery.
On the other hand, it lowered its forecast for global economic growth to 2.8% amid concerns over rising energy prices and trade disruptions caused by the Middle East war. The OECD set South Korea's consumer price inflation rate for this year at 2.6%, and also projected a lower government debt ratio than before.