The UN Conference on Trade and Development forecasts the global economy to grow two-and-a-half percent in 2020.
The world economy expanded by just 2.3 percent last year, its slowest pace in a decade.
The report also said, South Korea's economy will also grow two.three percent this year, up from two-percent in 2019.
It also forecasts that the South Korean government will increase its spending by eight-percent this year, which will stimulate domestic demand and private consumption.
However, the report said, export growth is expected to be sluggish due to the ongoing trade conflict with Japan.