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S. Korea's economic growth falls behind fast-expanding OECD members

May 29, 2016 - 10:25 By 안성미

South Korea's annual economic growth lagged behind fast-expanding members of the Organization for Economic Cooperation and Development (OECD), data showed Sunday.
Asia's fourth-largest economy saw its annual economic growth reach 2.6 percent on-year in 2015, ranking 12th among the members of the Paris-based organization of economically developed countries.

It marked the first time since 2006 that South Korea did not make the top-10 list of the fastest expanding member states.
South Korea's economic growth came in below major Eastern European countries, with the Czech Republic, Hungary and Poland posting comparable figures of 4.2 percent, 2.9 percent and 3.6 percent, respectively.
Seoul's economic growth also lagged behind smaller OECD economies, such as Iceland and Ireland, which each posted annual growth of 4 percent in 2015.
The Korea Development Institute expects the South Korean economy to grow 2.6 percent and 2.7 percent on-year in 2016 and 2017, respectively.
"South Korea's economic growth still remains high compared with other larger OECD members," a government official said. "It is important for us to maintain a growth that meets our potential and avoid taking unnecessary measures to bolster development." (Yonhap)