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© News1 The Organization for Economic Cooperation and Development (OECD) lowered Korea’s economic growth forecast this year to -1.0%. It was 0.2 percentage points (p) lower than the previous forecast.
This reflects the impact of the new coronavirus infection (Corona 19) that spread since Liberation Day this summer.
However, the forecast itself was the best among OECD member countries. Among the top 20 countries in the world (G20), it ranked second after China.
The OECD released the OECD Interim Economic Outlook this day and forecast Korea’s growth rate at -1.0% this year, which is 0.2 percentage points higher than the -1.2% published in the June economic outlook.
However, it was 0.2% p higher than the most recent forecast, -0.8%, which occurred just before the reproliferation of Corona 19.
The OECD publishes ‘Economic Surveys’ analyzing the economic trends of specific member countries every two years. Unfortunately, the Korea Economic Report was released on August 11, just before the reappearance of Corona 19 in Korea.
As a result, it was analyzed that Korea’s growth rate this year is the first among the OECD member countries and the second among the G20 countries.
In this regard, the Ministry of Strategy and Finance emphasized that “Korea has the best growth rate in 2020 among the OECD member countries, and outside the G20 countries, except China,” said the Ministry of Strategy and Finance.
It was analyzed that these savings were mainly due to private consumption. According to the OECD, from April to June, the first pandemic, Korea’s private consumption and the contraction of gross domestic product (GDP) were very good compared to those of the main countries.
The OECD publishes the interim economic outlook for the world economy and the G20 twice a year (March / September). This is the intermediate economic perspective.
In addition, periodic economic prospects (May-June, November-December) are announced for all member countries and the G20. It was released in June of this year.
In this intermediate forecast, the OECD assessed that global economic conditions have improved somewhat compared to the previous June.
In particular, as the US and China, which had been forecast to have large negative growth, recently resumed their economic activities, the forecast has increased significantly.
China is expected to grow a whopping 4.4% p compared to the previous June forecast (-2.6%) and a “plus” growth of 1.8%.
The United States is expected to grow -3.8% this year. This is a 3.5% p increase over the previous June forecast (-7.8%).
It is assessed that the two countries that support the global village are obtaining generous results and that the future of the global economy has also improved.
According to the OECD, the world economy is expected to grow by -4.5% this year. It is 1.5% p higher than the previous June forecast (-6.0%).
However, for emerging economies, in general, we have reduced our growth prospects. This is the result of reflecting the prolonged spread of COVID-19 in emerging countries and various quarantine measures.
The world economy is expected to recover next year.
However, the OECD predicted that “it will be difficult for most countries to recover to the level before the Corona 19 crisis next year.”
In particular, among member countries, only Turkey, the United States and Korea will regain their pre-Crown 19 crisis level next year, and among them, Korea is forecast to have the highest level of recovery.
The Ministry of Science and Technology added: “Even if the growth rates for this year and next are combined and compared, Korea (2.1%) will outpace Turkey (1.0%) and the United States (0.2%). ) to reach the first position among the member countries of the OECD “.
(Sejong = News 1)
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