OECD lifts 2026 global growth forecast to 2.9% despite Mideast war
PARIS: Economic growth has remained “resilient” in many countries despite the war in the Middle East, the OECD said Wednesday as it slightly raised its GDP forecasts for the year. Global economic growth is now seen at 2.9 percent, a 0.1-point increase from estimates in June by the Paris-based group of 38 industrialised countries. Even though energy prices have soared since the United States and…
On Wednesday, the Organization for Economic Cooperation and Development (OECD) increased its 2026 growth forecast for South Korea to 3.7 percent, driven by the nation's strong exports. This represents a significant 1.1 percentage-point rise from the 2.6 percent forecast provided in their June report. The OECD estimated that South Korea, Asia's fourth largest economy, would expand by 2.6 percent in 2027, reflecting a 0.7 percentage point increase from their prior projection of 1.9 percent growth.
The OECD has reaffirmed Korea's robust growth trends by raising their forecast by the most substantial margin among all G20 nations, according to a release from the Ministry of Finance and Economy. The OECD attributed South Korea's anticipated growth to robust exports and rising production, with a gradual uptick in consumer spending expected to persist in the coming year.
Furthermore, the OECD projected that South Korea's consumer prices would increase by 3 percent in 2026, a 0.4 percentage point rise from their previous forecast. Their inflation outlook for 2027 stood at 2.7 percent, a 0.5 percentage point increase from their earlier projection.
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