Photo : YONHAP News
The Organization for Economic Cooperation and Development(OECD) has lowered South Korea’s economic growth outlook for this year to two-point-five percent.
The OECD announced its mid-term economic outlook on Wednesday, where it slashed the nation’s economic growth by one-tenth of a percentage point from its previous forecast of two-point-six percent in July.
In May, the organization upgraded the economic outlook by zero-point-four percentage points to two-point-six-percent as the economy expanded one-point-three percent on-quarter in the first quarter.
The OECD, however, appears to have revised down the outlook as the economy shrank zero-point-two percent in the second quarter.
The OECD kept its growth outlook for South Korea for next year at two-point-two percent.
The OECD lowered its inflation forecast for this year to two-point-four percent, down zero-point-one percentage point from its previous forecast in July.