OECD Economic Outlook, Volume 2015 Issue 2
This OECD Economic Outlook analyses the current economic situation and examines the economic policies required to foster a sustained recovery in member countries. The present issue covers the outlook to end 2017 for both OECD countries and selected non OECD economies. Together with a wide range of cross-country statistics, the Outlook provides a unique tool to keep abreast of world economic developments.
Korea
The economy was hit by two shocks in 2015 - an outbreak of the Middle East Respiratory Syndrome (MERS) and a marked slowdown in demand from China and other Asian countries – that reduced output growth to around 2¾ per cent. While the MERS outbreak has been resolved, weaker demand from Asia remains a headwind to growth. Nevertheless, a pick-up in private consumption is projected to increase output growth to 3% in 2016 and 3½ per cent in 2017, while inflation rises to around 2%.
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