The British weekly Economist on Dec. 17 said Korea placed second in economic performance among the 35 member states of the Organisation for Economic Co-operation and Development. Shown is Open Songhyeon Green Plaza in Seoul’s Jongno-gu District. (Korea.net DB)
By Kim Seon Ah
The British magazine Economist on Dec. 17 said Korea ranks second in economic performance this year among the 35 member states of the Organisation for Economic Co-operation and Development (OECD).
The Economist “compiled data on five economic and financial indicators—inflation, ‘inflation breadth,’ GDP, jobs and stock market performance—for 35 mostly rich countries.”
Greece topped the chart for the second consecutive year with core inflation of 3.4%, inflation breadth of minus 13.3%, GDP growth of 1.2%, employment increase of 1.1% and share price return of 43.8%.
“Investors have looked afresh at Greek companies as the government implements a series of pro-market reforms,” the weekly said, adding that the International Monetary Fund lauded Greece’s “digital transformation of the economy” and “increasing market competition.”
Korea was second on the OECD list with core inflation of 3.2%, inflation breadth of minus 13.3%, GDP growth of 1.6%, employment increase of 1.1% and share price return of 7.2%.
“Central banks in places like Chile and South Korea increased interest rates aggressively in 2022, sooner than many others in the rich world, and now seem to be reaping the benefits. In South Korea inflation breadth has fallen from 73% to 60%,” it said.
The U.S. placed third, followed by Israel in fourth, Luxembourg fifth, Canada sixth, Chile seventh, Portugal and Spain tied for eighth, and Poland 10th.
sofiakim218@korea.kr
