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OECD Forecasts S. Korea To Expand 3.5% In 2012

The Organization for Economic Cooperation and Development (OECD) on Thursday said South Korea is likely to expand 3.5 percent this year despite a deterioration in the global outlook.

In its annual report on South Korea, the Paris-based organization said Korea recovered faster and more vigorously from the global crisis than most OECD countries. For the next year, the growth is seen at 4.3 percent.

OECD Secretary-General Angel Gurría said, "Korea is one of the most dynamic economies in the world, with low levels of unemployment and solid public finances that place it near the top of the class in the OECD."

According to OECD, the government has enough fiscal and monetary policy space to respond to any further deterioration in the global outlook.

The OECD urged Korea to make better use of its labor force, notably by raising participation rates of women.

by RTT Staff Writer

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