ID :
185074
Sun, 05/29/2011 - 05:11
Auther :
Shortlink :
https://oananews.org//node/185074
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Korea's long-term growth to fall to 9th among OECD nations
SEOUL, May 29 (Yonhap) -- South Korea's economic long-term economic growth rate is expected to drop sharply to ninth place among members of the Organization for Economic Cooperation and Development (OECD), data showed Sunday.
According to the recent data by the Pasis-based club of 34 major economies, the South Korean economy is projected to grow an average of 2.4 percent between 2016 and 2026, compared with last year's 6.2 percent expansion, which ranked the second-highest among the OECD nations after Turkey's 8.9 percent surge.
The OECD forecast for South Korea's economic growth between 2010 and 2015 is 4.3 percent, or third among member countries behind 4.8 percent for Chile and 4.4 percent for Israel.
The data showed Ireland will likely post the highest long-term growth rate of 3.5 percent, followed by Israel with 3.4 percent, Chile and Mexico with 3 percent each, and Australia and Spain with 2.7 percent.
South Korea's mid-term potential growth rate is forecast to reach 3.8 percent, the third-highest among the OECD nations, but it is likely to drop to 2.4 percent between 2016 and 2026, or seventh place, according to the data.
The potential growth rate refers to the maximum rate that an economy can achieve without sparking inflationary pressure.
In a recent report, the state-run Korea Development Institute said South Korea's potential growth rate has fallen to 4.3 percent from the pre-crisis level, which reached the mid-4 percent range.
The fall in South Korea's potential growth rate is mainly attributable to the country's low birthrate and its fast aging population, the think tank said.
On Wednesday, the OECD revised upward its growth outlook for the South Korean economy this year to 4.6 percent from an earlier 4.3 percent projection made in November.
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According to the recent data by the Pasis-based club of 34 major economies, the South Korean economy is projected to grow an average of 2.4 percent between 2016 and 2026, compared with last year's 6.2 percent expansion, which ranked the second-highest among the OECD nations after Turkey's 8.9 percent surge.
The OECD forecast for South Korea's economic growth between 2010 and 2015 is 4.3 percent, or third among member countries behind 4.8 percent for Chile and 4.4 percent for Israel.
The data showed Ireland will likely post the highest long-term growth rate of 3.5 percent, followed by Israel with 3.4 percent, Chile and Mexico with 3 percent each, and Australia and Spain with 2.7 percent.
South Korea's mid-term potential growth rate is forecast to reach 3.8 percent, the third-highest among the OECD nations, but it is likely to drop to 2.4 percent between 2016 and 2026, or seventh place, according to the data.
The potential growth rate refers to the maximum rate that an economy can achieve without sparking inflationary pressure.
In a recent report, the state-run Korea Development Institute said South Korea's potential growth rate has fallen to 4.3 percent from the pre-crisis level, which reached the mid-4 percent range.
The fall in South Korea's potential growth rate is mainly attributable to the country's low birthrate and its fast aging population, the think tank said.
On Wednesday, the OECD revised upward its growth outlook for the South Korean economy this year to 4.6 percent from an earlier 4.3 percent projection made in November.
(END)
