By Lee Yoonseo and Hahm Hee-eun

Korea's economic growth rate in the first quarter of 2018, from January to March, rose 1.1 percent, placing the country fifth among member states of the Organisation for Economic Co-Operation and Development (OECD). 

In the fourth quarter last year, Korea demonstrated its second lowest economic growth rate in the OECD (0.2 percent), following Norway (0.3 percent). This year it has recovered its growth rate. 

The OECD reported on May 27 that the average economic growth rate of its 23 member states in the first quarter of 2018 was 0.5 percent. 

Korea, which achieved a 1.1 percent economic growth rate in the previous quarter, is now ranked fifth after Latvia (1.7 percent), Poland (1.6 percent) and Hungary (1.2 percent) and Chile (1.2 percent). Finland and Mexico also recorded a growth rate of 1.1 percent, tying for fifth place with Korea.

Previously in March, the OECD released its “Interim Economic Outlook,” and predicted that Korea's economic growth rate would be 3 percent in 2018 and 2019.

clo1120@korea.kr