Anchor: The OECD has bumped up South Korea’s annual growth forecast from the last estimate released in June. In its 2020 OECD Korea Economic Report, it predicted that the country would mark a minus zero-point-eight percent growth for the year.
Park Jong-hong has the details.

Report: The Organization for Economic Cooperation and Development(OECD) has revised upward its annual growth outlook for South Korea by four-tenths of a percentage point from June.

At minus zero-point-eight percent growth, the forecast reflects the country’s second quarter gross domestic product(GDP) and is predicated on no secondary spread of COVID-19.

South Korea is the only country among 37 OECD members that got an improved outlook and ranks at top of the list. Second is Turkey at a projected minus four-point-eight percent growth.

The OECD explained that while South Korea suffered a slowdown from the COVID-19 outbreak, it has swiftly and effectively handled the situation, leaving it much less susceptible to a contraction than other member countries.

It also lauded the country for being the most successful in curbing the spread of the pandemic and subsequent fatalities.

It added that South Korea eclipses other countries in terms of limiting the drop in employment and overall growth.

Barring a second wave in the country, the OECD said Korea can look forward to a positive three-point-one percent growth next year.
Park Jong-hong KBS World Radio News.