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OECD Marks down S. Korea's 2023 Economic Growth Outlook to 1.4%

Written: 2023-11-30 08:33:34Updated: 2023-11-30 14:39:44

OECD Marks down S. Korea's 2023 Economic Growth Outlook to 1.4%

Photo : YONHAP News

The Organization for Economic Cooperation and Development(OECD) has marked down South Korea’s economic growth outlook this year while raising its projection for next year.

In its outlook report released on Wednesday, the organization projected that the country’s economy will post growth of one-point-four percent this year, down zero-point-one percentage point from its September forecast, matching projections by the South Korean government, the Bank of Korea and the International Monetary Fund.

For next year, the OECD marked up the outlook from two-point-one percent to two-point-three percent while maintaining its two-point-seven-percent projection for the global economy.

As for inflation, the organization forecast South Korea’s consumer prices to post growth of three-point-six percent this year and two-point-seven percent next year, up zero-point-two percentage points and zero-point-one percentage point, respectively, from its previous projection.

The organization recommended that the country boost its financial soundness as it projected that the nation’s fiscal spending pressure will climb up to five percent of the gross domestic product by 2040 due to the rapidly aging population.

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