(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Minyoung] The Organization for Economic Co-operation and Development (OECD) has made a significant upward revision to South Korea's growth forecast for this year.

According to the Economic Outlook released on the 2nd, the OECD presented South Korea's growth forecast for this year as 2.6%. This is a 0.4 percentage point increase compared to the February forecast of 2.2%. The OECD's forecast is much more optimistic than that of the South Korean government (2.2%), the International Monetary Fund (IMF, 2.3%), and the Bank of Korea (2.1%).

Among the major advanced economies, the OECD judged South Korea's situation to be the most optimistic this year. South Korea's growth forecast for this year ranks fourth among the OECD's 38 member countries. Among the G20 countries with a per capita GDP of over $20,000, South Korea, along with the United States, has the highest level. The inflation forecast for this year (2.6%) has also been lowered by 0.1 percentage point compared to before.

The growth forecasts for major advanced economies, excluding the United States, have been significantly downwardly adjusted. The OECD has lowered the growth forecasts for Japan (by 0.5 percentage points), the United Kingdom (by 0.3 percentage points), and Germany (by 0.1 percentage points). Meanwhile, for China, the growth forecast for this year has been revised upward by 0.2 percentage points from three months ago to 4.9%. The growth forecast for the United States has been raised by 0.5 percentage points to 2.6%.

The OECD also relatively optimistically viewed the situation of the South Korean economy next year, with a growth forecast of 2.2%.

Meanwhile, the OECD has forecasted a 0.2 percentage point upward revision in the global economic growth rate for this year, to 3.1%.

 

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