The Organization for Economic Co-operation and Development (OECD) has raised the forecast for Korea's economic growth this year to -0.8%.

This is the highest forecast among the 37 OECD member countries.

Since the release of the '2020 OECD Economic Outlook' (June 10), the OECD has published a country-by-country report on four countries, including Korea, but Korea is the first to raise its growth rate forecast.

In the '2020 OECD Korean Economic Report', which was released on the 11th, the OECD predicted that Korea's economic growth rate will record -0.8% this year in the scenario that there is no re-proliferation of Corona 19.

This is a 0.4 percentage point increase from -1.2% presented in June.

By sector, private consumption (-4.1%→-3.6%) slowed down less severely than in the first place, and total investment (-0.7%→2.9%) increased.

However, it is expected that the sluggish exports (-2.6% → -5.7%) will worsen.

Considering the spread of Corona 19, it is interpreted as reflecting the fact that there is a certain gap between Korea and the world, and that the Korean government is actively responding to policies.

The OECD maintained its existing growth forecasts last month by releasing country-by-country reports for three countries: the United States (-7.3%), Slovenia (-7.8%), and Greece (-8.0%).

By confirming the 2Q growth rate results and publishing a country-by-country report, we determined that the Korean economy will outperform the previous forecast.

Korea's second quarter growth rate (-3.3%) did not reach China (11.5%), but the US (-9.5%), Germany (-10.1%), France (-13.8%), Italy (-12.4%), and Spain (-18.5%) It was less bad than the back.

The OECD's forecast for Korea's growth rate is 4.0 percentage points higher than Turkey's second highest (-4.8%).

In addition, there is a significant gap between Japan (-6.0%), Germany (-6.6%), the United States (-7.3%), the United Kingdom (-11.5%), and the average of the forecasts in 37 countries (-7.5%).

The OECD evaluated that Korea was the most successful country to block the spread of the virus without containment measures, and analyzed that the decline in employment and growth rates was very small compared to other member countries through appropriate and prompt response.

(Photo = Yonhap News)