OECD Raises Growth Forecast for Korea Next Year

      November 30, 2023 13:05

      The OECD has raised its forecast for Korea's economic growth for next year by 0.2 percentage points to 2.3 percent.
      But the OECD maintained its global economic growth forecast at 2.7 percent.
      The rich-countries club releases growth forecasts for the whole world in June and November but limits its projections to the G20 countries in March and September.
      But for this year the OECD slashed Korea's growth rate by 0.1 percentage point to 1.4 percent, aligning with predictions from the IMF.
      The OECD said next year's picture looks rosier for Korea thanks to the recent recovery in the Chinese economy, the country's biggest market. It also noted that Korea's exports are rebounding, particularly in the semiconductor sector.
      The Ministry of Economy and Finance said that while service-oriented economies like France and the U.S. grew this year, next year manufacturing-driven countries will be at the forefront.
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