Arab Today, arab today south koreas economic growth falls behind fastexpanding oecd members
Last Updated : GMT 18:42:37
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South Korea's economic growth falls behind fast-expanding OECD members

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Arab Today, arab today South Korea's economic growth falls behind fast-expanding OECD members

South Korea's economic growth falls behind fast-expanding OECD members
Seoul - QNA

South Korea's annual economic growth lagged behind fast-expanding members of the Organization for Economic Cooperation and Development (OECD), data showed Sunday. 
Asia's fourth-largest economy saw its annual economic growth reach 2.6% on-year in 2015, ranking 12th among the members of the Paris-based organization of economically developed countries, according to South Korea's (Yonhap) News Agency. 
It marked the first time since 2006 that South Korea did not make the top-10 list of the fastest expanding member states. 
South Korea's economic growth came in below major Eastern European countries, with the Czech Republic, Hungary and Poland posting comparable figures of 4.2%, 2.9% and 3.6%, respectively. 
Seoul's economic growth also lagged behind smaller OECD economies, such as Iceland and Ireland, which each posted annual growth of 4 percent in 2015. 
The Korea Development Institute expects the South Korean economy to grow 2.6% and 2.7% on-year in 2016 and 2017, respectively.

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