Signal OECD estimates show Korea's potential growth falling from 5.4 percent in 1998 to 2002 to 2.3 percent in 2022 to 2025

Summary

The strategy cites OECD estimates of Korea's average potential growth rate under successive presidents. The rate averaged 5.4 percent in 1998 to 2002 and 4.7 percent in 2003 to 2007. It then fell to 3.8 percent in 2008 to 2012, 3.2 percent in 2013 to 2016 and 2.7 percent in 2017 to 2021. For 2022 to 2025 the average is 2.3 percent. The series underpins the government's observation that potential growth has dropped by roughly one percentage point per administration.