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OECD data gives S. Korea more positive economic outlook than other OECD members Updated: 2020-06-29 17:02:10 KST

Despite the economic fallout from the COVID-19 pandemic, South Korea is seeing a relatively positive economic forecast. The OECD's Composite Leading Indicator for the South Korean economy in May was higher than any other OECD member.
The leading economic index for South Korea hit 100 in May, up point-2 points on month, and has been rising since September last year.
A reading above 100 meaning the economy is likely to expand over the next six to nine months.
Although many of the OECD member states saw an on-month rise in May, South Korea was the only country that reached 100.
The last time South Korea's Composite Leading Indicator reached 100 was in July 2018.
Data from Bloomberg also shows South Korea's economic contraction in the second quarter of this year won't be as bad as most of the world's other major economies.
Bloomberg's analysis of estimates by 24 banks and research institutes, found South Korea's real GDP will likely shrink by 1.8 percent from a year earlier.
By contrast, the average growth forecast for the G20 is minus 18.1 percent.
China is the only major economy expected to grow in the second quarter, with 2 percent growth predicted.
The World Bank also said South Korea successfully responded to the pandemic at an early stage, which can be a lesson for every other country.
South Korea's strong response has lessened the economic damage from COVID-19, but some experts say it's a bit early to be too optimistic, due to the uncertainty of the pandemic's impact on the global economy.
Kim Jae-hee, Arirang News.
Reporter : jhee@arirang.com
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