OECD raises 2010 growth outlook for Korea.
The Organization for International Cooperation and Development (OECD) raised the 2010 growth outlook for Korea to 6.2 percent from the previous projection of 5.8 percent, in its biannual Economic Outlook report released on November 18. The growth forecast for 2011, however, was lowered to 4.3 percent from 4.7 percent. After reaching a 7.3 percent annual rate during the first half of 2010, growth has slowed, in line with other countries in Asia. The Paris-based agency pointed out that although Korea's strong recovery from the 2008 global recession slowed in the latter half of 2010, double-digit export growth and buoyant domestic demand are projected to boost growth to around 5 percent by late 2011.