OECD raises S. Korea's economic growth outlook for 2020 to -0.8% from -1.2%
Updated: 2020-08-11 15:13:23 KST
The OECD raised its forecast for South Korea's economic growth this year to minus zero.eight percent.
That's an improvement from its previous forecast in June of minus 1.2 percent.
That would give South Korea the smallest decline in growth among the OECD's 37 member countries.
And, in fact, South Korea is the only country this month for whom the OECD has raised its forecast.
The figure is based on a scenario where it's not hit by a second wave of COVID-19.
If there is a second wave, then the economy would shrink by two percent.
OECD said South Korea is the country that's most successfully stopped the spread of the virus without going into lockdown.