Korea’s economic growth rate in the first quarter of 2018, from January to March, increased 1.1%, placing the fifth of the Organization for Economic Cooperation and Development (OECD) member states.
In the fourth quarter of last year, Korea had the second lowest economic growth rate in the OECD (0.2%) after Norway (0.3%). This year, the growth rate has recovered.
The OECD reported on May 27 that the average economic growth rate of 23 member countries in the first quarter of 2018 was 0.5%.
Korea, which achieved an economic growth rate of 1.1% in the last quarter, now ranks fifth after Latvia (1.7%), Poland (1.6%), Hungary (1.2%) and Chile (1.2%). Finland and Mexico also recorded 1.1% growth, ranking fifth with Korea.
In March, the OECD released the “Interim Economic Outlook” and predicted that Korea’s economic growth rate in 2018 and 2019 will be 3%.