Arab Today, arab today organization for economic cooperation and development cuts south koreas 2016 growth estimate to 27
Last Updated : GMT 19:08:34
Arab Today, arab today
Arab Today, arab today

Organization for Economic Cooperation and Development cuts South Korea's 2016 growth estimate to 2.7%

Arab Today, arab today

Arab Today, arab today Organization for Economic Cooperation and Development cuts South Korea's 2016 growth estimate to 2.7%

Organization for Economic Cooperation and Development cuts South Korea's 2016 growth estimate to 2.7%
Seoul - QNA

The Organization for Economic Cooperation and Development (OECD) on Monday cut its 2016 growth forecast of the South Korean economy to 2.7 percent from 3.1 percent, citing sluggish global trade and a slowdown in China, Yonhap news agency reported.

    For next year, it anticipated that Asia's fourth-largest economy will attain 3 percent growth as the world economy picks up steadily, according to the latest report titled, "OECD Economic Survey of Korea". In its earlier forecast, the OECD had expected that South Korea's economy would grow 3.1 percent in 2016 and 3.6 percent in 2017.  "The strong rebound in the second half of 2015, supported by fiscal stimulus, faltered in early 2016 as private consumption declined," the report said. "Weak demand from China, which accounts for a quarter of Korean exports, continues to constrain export growth". 

    The International Monetary Fund (IMF) lowered its 2016 growth estimate for South Korea to 2.7 percent, and the Bank of Korea also revised down its 3 percent growth target to 2.8 percent. Such downward revisions by the global organizations are based on recent sluggish economic data at home and abroad. 

    South Korea's gross domestic product (GDP) grew 1.2 percent on-quarter in the third quarter and 0.7 percent in the fourth quarter of last year on the back of the government's expanded fiscal spending and brisk private consumption, while outbound shipments fell for every single month of the year. But the economy seemed to cool down in the first quarter as the GDP gained a meager 0.4 percent on-quarter, dragged down by fast-falling exports and tepid consumption

    Exports have posted a double-digit drop since the beginning of the year, marking a record 19 percent plunge in January and a 13.1 percent fall in February. The downward pace slowed slightly to 8.1 percent in March but accelerated again to 11.2 percent in April.

    The government churned out a series of stimulus measures to boost growth, including frontloading 40 percent of government spending in the first quarter and extending excise tax cut programs. But the OECD pointed out that they are not enough to get out of the downside cycle to reach the growth target, citing the first quarter's sluggish numbers, calling for more fiscal intervention in the economy.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today organization for economic cooperation and development cuts south koreas 2016 growth estimate to 27 Arab Today, arab today organization for economic cooperation and development cuts south koreas 2016 growth estimate to 27

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday