Korea Only OECD Member to Grow in Q3

  • Arirang News

    December 02, 2009 11:37

    Korea was the only country in the Organization for Economic Cooperation and Development to grow in the third quarter year-on-year.

    Korea's GDP grew 0.4 percent compared to the same time last year while the other 29 OECD nations all posted negative growth. The average on-year third-quarter rate of growth for OECD member countries was -3.3 percent.

    Looking at quarter-on-quarter numbers, Korea along with Mexico saw the largest economic growth of 2.9 percent in the OECD. The average on-quarter growth was 0.8 percent.

    The government is widely expected to delay a winding down of emergency economic measures to further fuel recovery and allay fears stemming from the Dubai debacle.

    The Financial Supervisory Service is likely to extend its program of providing liquidity to small and mid-sized firms for another six months after it was originally slated to expire by year's end.

    And contrary to earlier expectations that the central bank would raise its benchmark interest rate sometime in the first quarter of next year, market watchers now say the Bank of Korea may continue to leave rates unchanged for the foreseeable future.

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