The Organisation for Economic Co-operation and Development (OECD) on Sept. 16 released the OECD Interim Economic Outlook, in which it forecast the Korean economy to decline 1% this year. (Yonhap News)

By Xu Aiying and Lee Jihae 

The Organisation for Economic Co-operation and Development (OECD) has lowered its outlook for Korea's economic growth this year from minus 0.8% to minus 1%, but the country remains first among OECD member states and second among G20 countries after China in growth forecasts. 

The OECD Interim Economic Outlook released on Sept. 16 reduced Korea's economic growth forecast this year to minus 1%, or two-tenths of a percentage point down from the prediction made last month. 

The recent resurgence of COVID-19 in the country was the reason for the downward projection. 

The OECD's outlook for Korea's growth rate next year was 3.1%, the same level forecast last month and in June this year. 

The Ministry of Economy and Finance said, "The OECD predicts that most countries will find it difficult to recover their economic growth rates next year to the levels before COVID-19."

"The OECD said that among its member states, only Turkey, the U.S. and Korea will recover to their pre-COVID levels next year, and that Korea's recovery rate will be the highest."

Foreign Policy, a U.S.-based news outlet that focuses on global affairs, on Sept. 16 posted the article "COVID-19 Has Crushed Everybody's Economy -- Except for South Korea's." (Screen capture from FP's website)

Meanwhile, Foreign Policy, a U.S.-based news outlet focusing on global affairs, on Sept. 16 posted the article "COVID-19 Has Crushed Everybody’s Economy—Except for South Korea's."

It said "part of the reason for (Korea) escaping relatively unscathed economically" was because "economic success went hand in hand with success in tamping down the pandemic."

Korea "quickly launched a fairly aggressive fiscal response" that helped maintain consumerism, the article said, while the nation "kept the fiscal taps open," a pivotal factor in restoring domestic consumption.