The Organization for Economic Cooperation and Development (OECD) says Korea in last year's fourth quarter posted the highest economic growth among the group's seven member countries that had a population of over 50 million and per capita gross national income of more than USD 30,000. (Screen capture from OECD website)
By Jung Joori and Kim Hwaya
The Organization for Economic Cooperation and Development (OECD) says Korea in last year's fourth quarter posted the highest economic growth among the seven countries in the so-called 30-50 club, or those with per capita gross national income (GNI) surpassing USD 30,000 and a population of over 50 million.
According to OECD data released on March 8, the Korean economy expanded 0.97 percent in last year's final quarter and its overall growth last year of 2.7 was also the second highest among the seven, following that of the U.S. (2.9 percent), and higher than the OECD average of 2.4 percent.
The Bank of Korea said the positive result was due to a complex interaction among recovery in private consumption, expansion of government spending, rise in exports and decrease in construction investment.
The OECD also forecast 2.6 percent growth for Korea this year, tied with the U.S. as the highest among the seven countries, and the same rate next year.