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OECD Cuts South Korea’s 2024 Economic Growth Forecast to 2.5%

Seoul, Sept. 25 (Yonhap) – The Organization forEconomic Cooperation and Development (OECD) has lowered its forecast for South Korea’s economic growth in 2024 by one percentage point to 2.5%, citing a slowdown in the country’s economic performance. The revised forecast was announced in the OECD’s latest Interim Economic Outlook report released on Tuesday.

TheOECD’s previous forecast for South Korea’s 2024 economic growth stood at 2.6%, as stated in both its May Economic Outlook and July’s report on the Korean economy. However, the revised forecast reflectsthe recent economic performance of South Korea, which saw a 1.3% quarter-on-quarter growth in the first quarter of 2024, followed by a contraction of 0.2% in the second quarter.

TheOECD’s revised forecast for South Korea’s economic growth in 2024 is lower than the South Korean government’s projection of 2.6% but higher than the Bank of Korea’s (BOK) forecast of 2.4%. It aligns with the forecasts of other institutions such as theKorea Development Institute (KDI), the International Monetary Fund (IMF), and the Asian Development Bank (ADB).

Despite the downward revision, the OECD remains optimistic about South Korea’s economic outlook, citing the sustained strong demand for global chips and robust export performance. The organization believes that these factors will contribute to a steadygrowth trajectory for the Korean economy.

Looking ahead, the OECD has maintained its forecast for South Korea’s economic growth in 2025 at 2.2%. The organization also revised its inflation forecast for South Korea, lowering it from 2.5% to 2.4% for 2024 and predicting a further decline to 2% in 2025.

The OECD’s revised forecast highlights the challenges facing the South Korean economy, which is grappling with global economic uncertainties and domestic factors such as high inflation and rising interest rates. While the OECD remains optimistic about South Korea’s long-termgrowth prospects, it acknowledges the need for continued policy support to navigate these challenges and maintain a steady economic trajectory.

Key Takeaways:

  • The OECD has lowered its forecast for South Korea’s economic growth in 2024 to 2.5% from 2.6%.
  • The revision reflects theslowdown in South Korea’s economic performance in the second quarter of 2024.
  • Despite the downward revision, the OECD remains optimistic about South Korea’s economic outlook, citing strong global chip demand and robust export performance.
  • The OECD has maintained its forecast for South Korea’s economic growth in2025 at 2.2%.
  • The organization has also revised its inflation forecast for South Korea, lowering it from 2.5% to 2.4% for 2024 and predicting a further decline to 2% in 2025.

FurtherConsiderations:

  • The OECD’s forecast is subject to various uncertainties, including the global economic outlook, geopolitical tensions, and domestic policy decisions.
  • The South Korean government and the Bank of Korea will need to closely monitor economic developments and adjust their policies accordingly to support sustainable economic growth.
  • The OECD’s forecasthighlights the need for continued efforts to enhance South Korea’s economic competitiveness and promote innovation to drive future growth.


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