Photo : YONHAP News
The Organization for Economic Cooperation and Development(OECD) has raised its growth forecast for South Korea to three-point-seven percent for this year.
According to the finance ministry, the OECD released the revised figure on Wednesday in its Interim Economic Outlook report.
Compared to its June forecast, the latest figure is up one-point-one percentage points.
The OECD also marked up South Korea’s economic growth outlook for next year by point-seven percentage point to two-point-six percent.
The organization revised the outlooks for both this and next year upward by the sharpest margin for South Korea out of all Group of 20 nations.
The finance ministry said the OECD had reaffirmed the South Korean economy’s strong growth momentum.
It said the organization had assessed that brisk exports and strong growth in production led South Korea’s economic growth this year, adding that South Korea will continue to witness smooth recovery in consumption in 2027.
As for inflation, the OECD predicted that South Korea’s inflation will stand at three percent this year, up point-four percentage point from its June outlook.
Meanwhile, the OECD raised its global growth outlook for this year by point-one percentage point to two-point-nine percent.