Blue House Gives Meaning to OECD's No.1 Economic Growth Rate: "We Were the First to Upgrade" (Comprehensive)

OECD Economic Growth Forecast for This Year: South Korea -0.8%, US -7.3%, Japan -6%, Germany -6.6% Expected

[Asia Economy reporters Ryu Jeong-min and Son Seon-hee] The Blue House emphasized 'economic performance' by releasing data predicting that South Korea will have the highest economic growth rate among OECD countries this year. In particular, it highlighted the significance of South Korea being the first country for which the OECD has revised its economic growth forecast upward since the COVID-19 outbreak.

Kang Min-seok, spokesperson for the Blue House, said at a briefing at the Chuncheon Press Center on the afternoon of the 11th, "The OECD Secretariat has just released the 2020 Korea Economic Report, a comprehensive diagnosis of our economy. It is the economic report card we have received for the first time in two years since June 2018," adding, "According to the report, South Korea ranks first among OECD countries in terms of economic growth rate comparison this year."

[Image source=Yonhap News]

According to the Blue House, the United States is expected to record an economic growth rate of -7.3%, Japan -6%, and Germany -6.6%. Spokesperson Kang said, "All are below -6%, but South Korea is projected at -0.8%," adding, "There is a gap of more than 4 percentage points compared to the second-ranked country, Turkey."

In particular, Kang emphasized, "This year's economic growth rate for South Korea was revised upward by 0.4 percentage points from -1.2%," and "South Korea is the first country for which the OECD has revised this year's growth forecast upward since the outbreak of COVID-19."

The Blue House attributed significance to the decision not to implement lockdown policies while revitalizing the economy. Kang explained, "The OECD evaluated that the government's appropriate and swift policy response effectively buffered the domestic economic shock," and "It also diagnosed that expanding fiscal spending based on sound fiscal soundness was an appropriate measure to respond to COVID-19."

Spokesperson Kang said, "(President Moon Jae-in) was evaluated as having caught two rabbits by achieving success in quarantine without any lockdown measures, unlike other countries, while minimizing economic shocks. The driving force behind this top-level quarantine country is, of course, thanks to the people and medical staff."