SEOUL, KOREA - The International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD) and other international organizations have forecast Korea’s future growth rate to reach about 4 percent.
According to reports submitted by the Ministry of Strategy and Finance to the National Assembly last month, the IMF expected Korea’s growth rate between 2015 and 2018 to reach 4.0 percent last April. The OECD also forecast last May that Korea will grow by 4.1 percent between 2012 and 2017.
However, in the long term, most expect Korea’s growth rate to drop after 2018. The OECD adjusted Korea’s growth rate between 2018 and 2030 downward to 3.3 percent. The growth rate dropped by 0.8 percentage points from 4.1 percent for between 2012 and 2017. The Korea Development Institute (KDI) also forecast Korea’s growth rate between 2011 and 2020 to reach 3.6 percent, but it will stand at 2.7 percent between 2021 and 2030, according to KDI.