SEOUL, KOREA — Korea ranked fourth among OECD nations in the fourth quarter of 2011. Korea's GDP last quarter increased 3.4 percent more than double the OECD average of 1.3 percent.
With the economic downfall in the euro zone and a decrease in the Japanese economy, OECD nations saw their average growth rate decrease 0.4 percentage points from the previous quarter.
The Bank of Korea and the OECD provided data that ranked Korea fourth in growth in the fourth quarter among 19 members with Estonia at (5.2 percent), Israel (3.9 percent), and Mexico (3.7 percent).
Though Korea ranked at a high level (more than most OECD nations) many Korean corporations believe the global financial issue and increased oil prices could mean slow growth in the next few months.
The average growth of countries such as the U.S., Japan, the U.K., France, Germany, Italy and Canada over the same period was only 1 percent. Seventeen euro zone countries also saw an average growth of a meager 0.7 percent.
The OECD has predicted that Korea will see economic growth of 3.8 percent in 2012, while the seven economies mentioned above is expected to show slower growth of 1.4 percent and the world economy overall is estimated to have a 3.4 percent growth rate.
