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OECD downgrades South Korea’s growth forecast

The Organisation for Economic Cooperation and Development (OECD) has predicted that South Korea’s inflation would reach an upper 4% range this year. In its latest world economic outlook report, the France-based organisation revised down its prediction on the gross domestic product growth of South Korea by 0.3 percentage points from its earlier forecast of 3% to 2.7%. The OECD drastically revised its forecast on the inflation rate of South Korea upward to 4.8%, up 2.7 percentage points from its December forecast of 2.1%. The Bank of Korea said in a separate report that the economy grew 0.6% in the first quarter this year from three months earlier, lower than the 0.7% growth estimated in April, citing weak investment and consumption as factors behind the revision.

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