OECD Slashes Growth Forecast for Korea

  • By Hong Jun-ki

    March 03, 2020 13:20

    The OECD has lowered its economic growth projection for Korea this year from 2.3 to two percent given the impact coronavirus will have on the world economy, the first international organization to do so.

    On Monday the OECD slashed its growth outlooks for 18 countries in the G20, with the exception of Brazil and Saudi Arabia. It also cut its outlook for the global economy this year from 2.9 to 2.4 percent and for China from 5.7 to 4.9 percent.

    But the latest projection was made on the assumption that the coronavirus epidemic peaks in the first quarter of this year and eases without spreading widely into other countries.

    The OECD said its global projection could fall to 1.5 percent if the epidemic spreads through Asia, Europe and North America. 

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