OECD raises Korea's 2026 growth forecast to 3.7%
Containers boudn for exports are stacked at a port in Pyeongtaek, Gyeonggi Province, Sept. 6. Yonhap
The Organization for Economic Cooperation and Development (OECD) on Wednesday raised its 2026 economic growth forecast for Korea to 3.7 percent, citing the country's robust exports.
The Paris-based organization's latest projection marks a 1.1 percentage-point increase from the 2.6 percent forecast in its June report.
The OECD projected Asia's No. 4 economy would grow 2.6 percent in 2027, up 0.7 percentage point from its previous forecast of 1.9 percent.
"The OECD has reaffirmed Korea's strong growth momentum by raising its growth forecast by the largest margin among the Group of 20 countries," the Ministry of Finance and Economy said in a release on the report.
The OECD said strong exports and rising production would drive Korea's economic growth this year, while a gradual recovery in consumption would continue next year.
The OECD, meanwhile, projected Korea's consumer prices would rise 3 percent in 2026 from a year earlier, up 0.4 percentage point from its previous forecast.
Its inflation forecast for 2027 stood at 2.7 percent, up 0.5 percentage point from its previous projection.
Earlier in the day, the Asian Development Bank (ADB) raised its 2026 economic growth forecast for Korea to 3.2 percent from the 2.6 percent projected in July, citing strong exports and corporate earnings amid the artificial intelligence (AI) boom.
In July, the Ministry of Finance and Economy raised its 2026 growth forecast to 3 percent in its second-half economic policy report, up 1 percentage point from its previous outlook, citing the semiconductor supercycle.
In August, the state-run Korea Development Institute (KDI) raised its 2026 growth forecast for Korea to 3.2 percent from 2.5 percent.