Lee Hyoung-il: "OECD sharply raises Korea's growth forecast to 3.7% this year... We will work to ensure the benefits of growth reach everyone evenly"

[Financial News] As the Organisation for Economic Co-operation and Development (OECD) sharply raised its forecast for Korea's economic growth this year to 3.7%, Lee Hyoung-il, Deputy Prime Minister and Minister of Economy and Finance, said, "I will pay even closer attention and do my utmost to ensure that the benefits of growth reach every corner of our society and the lives of each and every citizen."
Lee Hyoung-il made the remarks on the social media platform X on the 23rd, saying, "The OECD has significantly raised its growth outlook for the Korean economy." He added, "It projects growth of 3.7% this year and 2.6% next year, raising its forecasts by 1.1 percentage points and 0.7 percentage points, respectively, from June."
Earlier that day, the OECD projected Korea's economic growth at 3.7% this year in its interim economic outlook. The OECD's growth forecast for Korea rose from 1.7% in March to 2.6% in June and 3.7% this September, jumping by 2.0 percentage points in just six months. Its growth forecast for next year also increased by 0.7 percentage points from 1.9% in June. The upward revisions for both this year and next were the largest among the Group of Twenty (G20) countries.
The OECD observed that strong exports and solid production growth would drive Korea's expansion this year, while a gradual recovery in consumption would continue next year.
Regarding the outlook, Lee Hyoung-il emphasized, "The OECD's forecast, which offers one of the closest views of the global economy, has once again confirmed the strength of Korea's recovery and growth." He added, "We will make sure this growth momentum continues even more firmly."


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