The Organisation for Economic Co-Operation and Development (OECD) has estimated that the Korean economy will record 3 percent growth this year as well as in 2019.
In the “OECD Economic Surveys: Korea 2018,” the organization said, “Sustained growth of world trade will boost Korean exports, offsetting some slowing in domestic demand due to construction investment.”
The OECD praised the Korean government’s fiscal and monetary policies and its export-driven growth policies, all of which helped the country become a major economy in a short period of time.
It also recommended that the government ease excessive business concentration in the large conglomerates, and that it should guarantee fair competition among conglomerates and small- and medium-sized enterprises (SMEs).
The OECD said Korea became the world’s sixth-largest exporter by pushing export-led growth at the large business groups.
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