The outlook for Korea's growth rate deviates significantly

Korea's economic growth rate announced last year by the Bank of Korea was found to be significantly higher than the growth rate predicted by the International Monetary Fund (IMF) in October. The IMF, which was evaluated as the most reliable among the international organizations to announce the growth rate, has virtually'failed' in the Korean economic outlook. It is analyzed that the characteristics of organizations that are trying to amplify the crisis and the attitude of disrespecting the opinions of governments in each country caused such a disastrous prospect. Actual -0.99% vs IMF -1.9 On the 26th, the Bank of Korea announced that in 2020, real GDP fell by 1% compared to the previous year to 1830 trillion 5802 billion won. The GDP growth rate looked at to the second decimal place was -0.99%. It is the worst indicator since -5.1% in 1998, but considering the pandemic of the novel coronavirus infection (Corona 19), it is evaluated that it was saved.

 

This is far above the IMF's estimate of -1.9% for the Korean economy's growth rate announced in October last year. The IMF has virtually failed to forecast Korea's economic growth rate. Compared to last year's economic outlook by domestic and foreign organizations that publish their growth rate forecasts, it is a terrible level. IMF I can't believe... Korea's growth rate outlook sharply deflected'disgrace', why? The Organization for Economic Development Cooperation (OECD) presented Korea's growth rate forecast twice in September and December last year. The forecast was -1.0% in September and -1.1% in December. The Korea Development Institute (KDI) predicted the growth rate of -1.1% last year in the Korean economic outlook released last November.