Signal OECD estimates Korea's potential growth falling from 3.08 percent in 2015 to 1.52 percent in 2027

Summary

The plan quantifies the fall in Korea's potential growth with OECD estimates. Potential growth was 3.08 percent in 2015, fell to 2.50 percent in 2020 and to 1.85 percent in 2025. The OECD projects a further drop to 1.52 percent in 2027. The plan attributes the slide to the shrinking working-age population and weaker productivity growth. It cites the series as evidence that a rebound through science and technology is urgent.