Ranked 3rd in the G20 of Korea’s growth rate last year
This year’s global economic growth rate increased by 4.2% → 5.6%… US 3.2%→6.5%
The Organization for Economic Cooperation and Development (OECD) presented Korea’s economic growth rate forecast at 3.3% this year, 0.5 percentage points higher than three months ago.
The OECD made such a forecast in the’Interim Economic Outlook’ released on the 9th.
The Ministry of Strategy and Finance said, “It is estimated to have been adjusted upward to reflect the recent global economic recovery, robust export/manufacturing recovery trend, and active policy effects such as supplementation.”
The OECD forecast is higher than that of the government (3.2%), the International Monetary Fund (IMF, 3.1%), the Korea Development Institute (3.1%), and the Bank of Korea (3.0%).
Regarding the interim economic outlook, the Ministry of Science and Technology said, “Of the 20 major countries (G20), among the 20 major countries (G20), Turkey, Australia, China, India, Indonesia, etc., only 7 countries are predicted that the OECD will recover to the level before the Corona 19 crisis. “I did it.”
The Ministry of Finance added that Korea is expected to recover the scale of the pre-crisis economy this year while minimizing the amplitude of the economy compared to other countries, thanks to relatively little Corona 19 damage and rapid recovery.
Last year, the growth rate of the Korean economy ranked third in the G20 after China and Turkey.
It is the best performance among developed countries in the G20 member countries.
The OECD evaluated that “effective quarantine measures and government policy efforts contributed to minimizing the corona shock.”
Meanwhile, the OECD’s forecast for the global economic growth rate this year has risen sharply from 4.2% in December last year to 5.6%.
It predicted a 4.0% growth next year.
The OECD said, “In 2021, the global economy is expected to expand growth in major countries due to increased vaccinations and additional fiscal stimulus measures in some countries.” Will contribute to” he predicted.
However, he said, “The recovery rate varies greatly from country to country, and most countries will not be able to recover the pre-crisis growth path until 2022.” While high uncertainty related to Corona 19 persists, the possibility of inflation and financial market vulnerability are mentioned as major risk factors. did.
This year’s US growth rate rose from 3.2% in December of last year to 6.5%, and Japan (2.3% → 2.7%) and Eurozone (3.6% → 3.9%) also increased.
On the other hand, China’s growth rate (8.0% → 7.8%) fell.
The OECD presented a’sustainable and inclusive recovery’ as a policy direction in the future, citing the need to continue efficient quarantine such as accelerating vaccine production and distribution, international cooperation, and test-track-trace.
While maintaining a easing monetary policy stance, the use of macro-prudential measures in preparation for rising asset prices was recommended, and fiscal policy noted the side effects of hasty policy suspension, and emphasized prompt and effective implementation to boost demand and expand job opportunities.
In addition, support measures implemented throughout the economy at the beginning of the crisis suggested the need to shift more intensive support to those affected by Corona 19, and to continue structural reform efforts such as digitization and response to climate change in order to strengthen economic resilience and growth potential after the crisis.
/yunhap news