OECD upgrades Korea’s growth outlook to -0.8%, mildest among member countries
In-Seol Jeong
Aug 12, 2020 (Gmt+09:00)
South Korea's economy is likely to shrink less than expected this year, thanks to its successful response to the coronavirus pandemic, according to the Organization for Economic Cooperation and Development.
In its latest Korea Economic Report, the Paris-based club of major economies predicted Asia's fourth-largest economy will contract 0.8% in 2020 from a year earlier.
The revised growth forecast compares with the 1.2% contraction it projected in June and marks the mildest negative growth projection among the 37 OECD members.
South Korea is the only country among the OECD members to receive an improved outlook. The second-best performer is Turkey, which is expected to shrink 4.8%.