OECD projects S. Korean economy to contract by 1.1% in 2020
- 3 years ago
OECD, 올해 韓 경제성장률 -1.0% → -1.1%로 하향 조정
The OECD revised down South Korea's growth outlook, taking into account the recent resurgence of COVID-19.
It now expects the local economy to shrink 1-point-1 percent, down point-1 percentage points from the September forecast.
However, the organization pointed out, Seoul still has the smallest estimated contraction among the 37 member states, thanks to effective coronavirus countermeasures.
Among G20 countries, Korea's predicted economic performance comes second only to China's, which showed growth.
Meanwhile, the global economy is forecasted to contract by 4-point-2 percent this year.
An improvement of point-3 percentage points from its earlier projection, due to the progress made with COVID-19 vaccines and treatments.
The OECD revised down South Korea's growth outlook, taking into account the recent resurgence of COVID-19.
It now expects the local economy to shrink 1-point-1 percent, down point-1 percentage points from the September forecast.
However, the organization pointed out, Seoul still has the smallest estimated contraction among the 37 member states, thanks to effective coronavirus countermeasures.
Among G20 countries, Korea's predicted economic performance comes second only to China's, which showed growth.
Meanwhile, the global economy is forecasted to contract by 4-point-2 percent this year.
An improvement of point-3 percentage points from its earlier projection, due to the progress made with COVID-19 vaccines and treatments.