OECD ups 2020 growth forecast for S. Korea by 0.4 percentage points to -0.8
- 4 years ago
OECD, 2020 한국 경제성장률 -0.8%로 상향조정... 올해 회원국 중 1위
The global coronavirus pandemic has hit the world hard with economies across the globe expected to shrink by at least five-percent.
But the OECD expects South Korea to take the smallest hit to growth of any advanced economies falling just point-eight percent this year.
It's a slight improvement from the agency's 1-point-2 percent contraction forecast in June.
Oh Jung-hee reports.
The South Korean economy is forecasted to be hurt the least by the global COVID-19 pandemic among all OECD nations.
That's an assessment made by OECD in its 2020 Economic Surveys report on South Korea released Tuesday.
The organization upped its forecast of Korea's economic growth this year from the previous minus one-point-two percent to minus zero-point-eight percent an improvement of zero-point-four percentage points.
That makes South Korea's 2020 GDP growth the largest among the 37 OECD member states.
The OECD said... the country's quick and effective response to the pandemic helps lessen the shock.
It also shed light on Seoul's recently-announced Korean New Deal initiative,... saying it has "the potential to support a green and inclusive recovery."
"Thanks to how our citizens led virus prevention efforts, we became the most successful and an exemplary case in curbing the outbreak without imposing lockdowns and closing borders. We are also seen to record the highest economic growth among the 37 OECD member states, thanks to our expansionary policies and Korean New Deal initiative."
But the report pointed out that South Korea's leisure and tourism, manufacturing and automobiles sectors have taken a significant hit... and employment greatly contracted.
The organization recommends Seoul to strengthen protection measures for non-regular workers... and seek ways to get rid of unnecessary regulations in order to facilitate new technology such as telemedicine.
Oh Jung-hee, Arirang News.
The global coronavirus pandemic has hit the world hard with economies across the globe expected to shrink by at least five-percent.
But the OECD expects South Korea to take the smallest hit to growth of any advanced economies falling just point-eight percent this year.
It's a slight improvement from the agency's 1-point-2 percent contraction forecast in June.
Oh Jung-hee reports.
The South Korean economy is forecasted to be hurt the least by the global COVID-19 pandemic among all OECD nations.
That's an assessment made by OECD in its 2020 Economic Surveys report on South Korea released Tuesday.
The organization upped its forecast of Korea's economic growth this year from the previous minus one-point-two percent to minus zero-point-eight percent an improvement of zero-point-four percentage points.
That makes South Korea's 2020 GDP growth the largest among the 37 OECD member states.
The OECD said... the country's quick and effective response to the pandemic helps lessen the shock.
It also shed light on Seoul's recently-announced Korean New Deal initiative,... saying it has "the potential to support a green and inclusive recovery."
"Thanks to how our citizens led virus prevention efforts, we became the most successful and an exemplary case in curbing the outbreak without imposing lockdowns and closing borders. We are also seen to record the highest economic growth among the 37 OECD member states, thanks to our expansionary policies and Korean New Deal initiative."
But the report pointed out that South Korea's leisure and tourism, manufacturing and automobiles sectors have taken a significant hit... and employment greatly contracted.
The organization recommends Seoul to strengthen protection measures for non-regular workers... and seek ways to get rid of unnecessary regulations in order to facilitate new technology such as telemedicine.
Oh Jung-hee, Arirang News.