Korea's economic growth rate this year -1.1%

The Organization for Economic Cooperation and Development (OECD) predicted that this year, Korea will record the world's No. 1 growth rate despite negative growth of -1.1%. However, in the aftermath of the re-proliferation of the novel coronavirus infection (Corona 19), the forecast for next year's Korean economic growth rate was lowered by 0.3 percentage points (p). Through the OECD Economic Outlook released on the 1st (local time), the OECD predicted Korea's economic growth rate (GDP) this year at -1.1%, 0.1%p from -1.0% announced at the median economic outlook in September I adjusted it down. The forecast for next year's growth rate was lowered by 0.3%p from 3.1% to 2.8%. The economic growth rate in 2022 is expected to record 3.4%.

 

In particular, Korea is expected to record the highest growth rate among 37 member countries despite the downward adjustment of the growth rate. Norway was in second place (-1.2%), and Turkey was in third place (-1.3%). The US was expected to grow 2.6%p lower than Korea at -3.7%, and neighboring Japan also showed a lower level at -5.3%. In addition, Germany -5.5%, France -9.1%, and the United Kingdom -11.2% also predicted significant negative growth. The OECD commented on Korea that “it has lowered its growth rate forecast this year by 0.1%p to reflect the impact of the re-proliferation of Corona 19,” and said, “Korea is the country with the least GDP contraction among member countries due to effective quarantine measures.” “In the future, the Korean economy will grow to 2.8% in 2021 and 3.4% in 2022, and it will continue a stable growth trend.” “The recovery of the global economy, the easing of the US-China conflict, and the signing of the RCEP agreement will have a positive effect on export growth, but uncertainty is somewhat It is a high situation.”

 

The OECD also lowered the global economic growth rate to reflect the impact of the re-proliferation of Corona 19. The global economy is expected to grow by -4.2% this year and is expected to rebound to 4.2% next year. This is an adjustment of 0.3%p and -0.8%p, respectively, from last September. The global economic growth rate in 2022 is projected to be 3.7%. The OECD said, “This year, the global economy is gradually recovering due to the resumption of economic activities and active policy responses from each country after the severe recession in the second quarter, but the recovery trend has weakened due to the recent re-proliferation of Corona 19 in Europe and the reinforcement of blockades.” The global economy is expected to continue its recovery momentum (transformation phase) with vaccines, etc.," he predicted.