OECD Predicts Dismal Long-Term Growth for Korea

      November 12, 2012 12:48

      Korea's economy is predicted to grow a mere one percent on average between 2031 and 2060, mainly due to the country's chronically low birthrate and aging population, which will lead to a decrease in the size of the economically active population.

      This will make the country one of the worst-performing economies among the 42 OECD members and non-members surveyed by the organization.

      In its report entitled "Looking to 2060: Long-term growth prospects for the world" on Sunday, the OECD forecast that Korea will see 1.6 percent growth between 2011 and 2060, on the basis of 2005 purchasing power parities.

      Only seven countries are expected to see lower growth than Korea over the next half-century -- Germany and Luxemburg (1.1 percent), Japan (1.3 percent) and Austria, Greece, Italy and Portugal (all 1.4 percent).

      Between 2011 and 2030, the Korean economy is projected to grow 2.7 percent on average to rank 16th among the 42 countries.

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