South Korea expects 2.8% growth in 2022

The Organisation for Economic Cooperation and Development (OECD) has predicted that South Korea will post a 2.8% growth this year, making it 12th among members of the Group of 20 for 2022 gross domestic product growth. The forecast is lower than the OECD’s forecast for other G20 members, including 4.1% growth in Australia, 3.6% in Argentina, 3.4% in Canada, 3.4% in Italy, 3.4% in the UK, and 3.2% in China. The OECD said Japan, Korea, and Australia have stronger growth momentum currently than Europe and the United States, but that is projected to wane over the coming quarters, in part due to softer external demand. Saudi Arabia will top the list with a 9.9% growth, followed by India with 6.9%, Turkey with 5.4%, Indonesia with 5%, and Spain with 4.4%.