OECD grows 2.2 → 2.1% next year in Korea...inflation forecast of 1.8 percent

The Organization for Economic Cooperation and Development (OECD) lowered its forecast for the nation's economic growth next year from 2.2% to 2.1% in its December "Economic Outlook Report."

The OECD's growth forecast for next year is lower than that of the government and higher than that of the IMF and the Bank of Korea.

The OECD predicts robust global demand will support exports and private consumption will increase from the end of this year due to falling interest rates and higher real wages.

The country's growth forecast for this year was lowered by 0.2 percentage points to 2.3% this month, after lowering it from 2.6% in May to 2.5% in September.

While the inflation rate is expected to fall to 1.8% next year, the benchmark interest rate is expected to be cut to 2.5%.