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South Korea Expected to Rank 15th in OECD in 2019 Real GDP Growth
S. Korean Economy Grows 2% in 2019
South Korea Expected to Rank 15th in OECD in 2019 Real GDP Growth
  • By Jung Suk-yee
  • January 28, 2020, 09:22
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South Korea posted an economic growth rate of 2 percent in 2019, down 0.7 percentage point from 2018.

South Korea posted an economic growth rate of 2 percent last year, down 0.7 percentage point from a year ago. On the OECD’s real GDP growth list for 2019, South Korea is expected to rank 15th out of its 36 member countries. The country came in 17th in 2018. The average real GDP growth of the 36 member countries is estimated to have fallen from 2.3 percent to 1.7 percent last year and European countries, Eastern European in particular, are expected to top the list.

The United States’ real GDP growth rate for last year is estimated at 2.3 percent, down 0.6 percentage point from a year earlier. The official announcement is scheduled for Jan. 30.

That of Japan, which will be announced in mid-February, is estimated at 1 percent. That of Germany is 0.6 percent, half of the previous year’s growth rate.

South Korea is expected to rank fifth in the G20, in which China is on the top with 6.1 percent. In the group, the respective estimates of India and Indonesia are 5.8 percent and 5 percent and those of Australia, Canada, the European Union, France, Britain, and Russia are 1.7 percent, 1.5 percent, 1.4 percent, 1.3 percent, 1.2 percent, and 1.1 percent, respectively.