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OECD raises forecasts for Turkey’s economy, cuts for S. Korea

by ChemOrbis Editorial Team -
  • 26/11/2014 (15:49)
The Organization for Economic Cooperation and Development (OECD) has announced its growth forecasts for global economies on November 25, according to media reports. The OECD increased their forecasts for Turkey’s economy to 3% from the previously forecasted growth rate of 2.8% for this year while the organization cut growth forecasts for S. Korea’s economy to 3.5% from a growth rate of 4% for 2014.

However, the Organization lowered their forecasts for Turkey’s economic growth for 2015 to 3.2% from 4%. The Organization stated that Turkey’s estimated growth will be unable to prevent an increase in unemployment. According to the report released by the Organization, Turkey’s inflation rate will be 9% compared with the initial estimates of 8% this year while it also increased estimates for the country’s inflation for 2015 to 7.4% from 6.5%.

The Organization expects South Korea’s economy to grow by 3.8% in 2015, down from the previously estimated rate of 4.2%. The report showed that the country’s estimated private consumption will climb by 3% in 2015 compared with the estimated rate of 1.8% for 2014. The unemployment is projected to stand at 3.4% in 2015 when compared to 3.5% this year.

For the global economy, the OECD predicted it will grow by 3.3% for 2014 and 3.7% for 2015. The Organization’s growth estimates for 2015 were reported at 3.1% for the US, 1.1% for Germany, 1.1% for the Eurozone, 0.8% for Japan and 7.1% for China.
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