OECD Slashes Growth Forecast for Korea Again
21 September, 2019
The OECD on Thursday slashed its growth forecast for Korea for this year by 0.3 percentage points to 2.1 percent amid a slowdown in global trade. The forecast is even lower than the government's projection of 2.4-2.5 percent.
The OECD said Korea's growth "has moderated by more than expected this year, in part due to persistently weak global trade and soft import demand in China."
Korea has now seen its growth projection slashed by 0.7 percentage points over the last 10 months. The rich countries' club releases its outlook four times a year -- in March, May, September and November.
In November last year its estimate was still 2.8 percent.
If the downward revision continues, it may dip below two percent in November. The estimate for next year is 2.3 percent, down 0.2 percentage points.
The OECD also cut its global growth forecast for this year from 3.2 percent to 2.9 percent, the lowest since the global financial crisis.
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