Korea's Growth Could Reach About 3.5% This Year, Finance Minister Says; OECD Raised Forecast to 3.7%
South Korea's economy could grow around 3.5% this year, beating the government's earlier estimate of about 3%, Deputy Prime Minister and Finance Minister Lee Hyung-il said, according to Aju Press on October 19. 'I would say 3.4, 3.5, or 3.6 percent,' he told reporters in Bangkok on the sidelines of the IMF–World Bank Annual Meetings and meetings of G20 and G7 finance ministers and central bank governors.
The OECD recently upgraded its Korea growth estimate to 3.7% for this year, projecting a slowdown to 2.6% in 2027. The Bank of Korea in August raised its 2026 growth forecast to 3.3%, pointing to strong semiconductor exports and investment, while warning the outlook remained sensitive to the chip cycle and geopolitical developments.
Korea's economy expanded 1.8% from the previous quarter in the first quarter and 0.6% in the second, with second-quarter GDP 3.7% higher than a year earlier. Lee said exports and facility investment staying strong into the third quarter could extend to next year, as chip supply remains below demand.
Source: GSM · USA (original Chinese edition)
Photo: 图：首尔汉江沿岸天际线。来源：Wikimedia Commons，CC0 / Photo: The Seoul skyline along the Han River. Source: Wikimedia Commons, CC0
