The South Korean economy is forecast to grow 3.8 per cent this year on the back of strong export growth and expansionary macroeconomic policy, the Organisation for Economic Cooperation and Development (OECD) said on May 31, ramping up its previous projection of 3.3 per cent.
| Publication date 01 June 2021 | 17:19 ICT
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After experiencing a one per cent contraction last year, South Korea’s economy grew by 1.6 per cent in the first quarter from the previous quarter, bouncing back to pre-pandemic levels. AFP
OECD upgrades S Korea GDP forecast for this year to 3.8%
Tue, 1 June 2021
The South Korean economy is forecast to grow 3.8 per cent this year on the back of strong export growth and expansionary macroeconomic policy, the Organisation for Economic Cooperation and Development (OECD) said on May 31, ramping up its previous projection of 3.3 per cent.
“Strong overseas demand for IT [internet technology] products, which account for about a fifth of total exports and automobiles is lifting exports. A gradual easing of distancing measures and government relief packages have helped vulnerable households and firms,” the OECD said in a report on the global economic outlook.
한은, 올해 성장률 4 0%로 1%p↑…금융위기 이후 최대폭 상향(종합2보) yna.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yna.co.kr Daily Mail and Mail on Sunday newspapers.