OECD Economic Outlook, Volume 2022 Issue 2
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The global economy is facing mounting challenges amidst the largest energy market shock since the 1970s and the cost-of-living crisis for many households from rising inflation pressures. The OECD Economic Outlook, Volume 2022 Issue 2 highlights the unusually imbalanced and fragile outlook, the significant downside risks associated with energy market developments and rising financial vulnerabilities as interest rates are raised, and the associated policy challenges. Well-designed and timely policy actions are required to maintain economic stability, enhance energy security and strengthen the prospects for future growth.
This issue includes a general assessment of the macroeconomic situation, and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Also available in: French
Korea
GDP growth is projected to reach 2.7% in 2022 and to slow to just under 2% in 2023 and 2024. In response to weak disposable income growth and a sluggish housing market, private consumption and investment are set to lose momentum. Declining semiconductors sales will weigh on exports in the short term. Unemployment is set to increase from the current low rate, and inflation will remain elevated for some time.
Also available in: French
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