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Korea Economic Update

Tai Jeong

By Tai Jeong

Technical Director, Canada Wood Korea

March 1, 2012

South Korea outgrew the average economic output of OECD member countries in the final quarter of 2011 showing the country’s relative resilience against external economic risks. The South Korean economy expanded 3.4% on-year in the October-December period, compared with an average growth of 1.3% of OECD member countries in the same period.  Even though South Korea posted a slower on-year growth than the previous quarter, Asia’s fourth-largest economy was relatively better at coping with Europe’s public debt crisis and other external uncertainties during the fourth quarter. The OECD forecast the South Korean economy would expand 3.8% this year a from a year ago, outgrowing the global economy’s 3.4% growth.