[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 1st that the Organization for Economic Cooperation and Development (OECD) raised South Korea's economic growth rate forecast for next year by 0.1 percentage points to 3.0%, adding, "It is even more meaningful as it shows that the international community recognizes that our economy has successfully responded to crises compared to other major countries."
Deputy Prime Minister Hong wrote on his social media (SNS) shortly after the OECD released its World Economic Outlook in the afternoon, "Summarizing the OECD's evaluation, our economy is expected to maintain the fastest growth trend among the advanced countries of the Group of Twenty (G20) until 2023 compared to before the COVID-19 crisis."
The OECD maintained South Korea's economic growth forecast for this year at 4.0% and raised the growth forecast for next year by 0.1 percentage points from the previous 2.9% to 3.0%.
Compared to the global economic growth forecast, which was lowered by 0.1 percentage points this year (from 5.7% to 5.6%) and maintained at 4.5% for next year, the outlook for the South Korean economy is relatively positive.
However, Deputy Prime Minister Hong emphasized, "Amid ongoing uncertainties such as the recent emergence of the Omicron variant, supply chain disruptions, and the US-China conflict, domestic and international conditions remain very severe. The government will do its best to stabilize quarantine conditions, actively support the economic recovery through domestic demand stimulation and fiscal spending, and also focus on managing risks to people's livelihoods such as inflation, real estate, and household debt."
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