The OECD on Wednesday raised its growth prediction for the Korean economy for this year from 4.3 percent to 4.6 percent, although it is still lower than the government's projection of 5 percent.

The organization attributed the upgrade to stronger export competitiveness as the value of the won remains 21 percent lower than in early 2008, before the global financial crisis, when compared with trade partners' exchange rates.

It also raised its outlook for inflation in Korea to 4.2 percent, much higher than its previous forecast of 3.2 percent.