OECD Economic Outlook, Volume 2020 Issue 2
The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.
This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Korea
Effective measures to contain the spread of COVID-19 have limited the estimated fall in GDP to just over 1% in 2020, the smallest decline in the OECD. Activity is picking up on the back of a rebound in consumption, bolstered by large government transfers to households, and a recovery in exports, led by semiconductors. The sizeable digital and green investments of the New Deal will buttress the recovery. GDP is projected to grow at about 3% per annum in 2021 and 2022, but the recovery remains vulnerable to a further spread of the virus in Korea or abroad until an effective vaccine is deployed in the latter half of 2021.
Also available in: French