Korea's economy is expected to grow at an annual average rate of 4.9 percent between 2011 and 2017, one of the highest growth rates in the OECD.

According to the OECD Economic Outlook released Monday, Korean will grow the third fastest among the 30 member states after Luxembourg with 5.5 percent and Slovakia with 5.3 percent. The growth rate is far above Korea's current potential growth rate, the maximum growth rate that can be achieved without causing inflation, of about 4 percent.

The organization last Wednesday forecast that the Korean economy will shrink 2.2 percent this year but grow 3.5 percent next year. Two other economies are expected to grow 4 percent or more, Hungary (4.3 percent) and the Czech Republic (4 percent).