Seoul:The Organization for Economic Cooperation and Development (OECD) has revised its 2026 economic growth forecast for South Korea, raising it to 3.7 percent due to the country's strong export performance.

According to Yonhap News Agency, the OECD's latest projection represents an increase of 1.1 percentage points from the 2.6 percent forecast in its June report. For 2027, the OECD anticipates South Korea's economy will grow by 2.6 percent, an adjustment of 0.7 percentage points from its earlier forecast of 1.9 percent.

The Ministry of Finance and Economy noted that the OECD's adjustment reflects a significant affirmation of South Korea's economic momentum, marking the largest forecast increase among G20 countries. The OECD attributes the country's economic growth to robust exports and rising production levels, with a gradual recovery in consumption expected to continue into the next year.

In terms of inflation, the OECD forecasts a 3 percent rise in consumer prices for 2026, up 0.4 percentage points from its previous estimate. The projection for 2027 stands at a 2.7 percent increase, which is 0.5 percentage points higher than earlier expectations.

The Asian Development Bank (ADB) has also adjusted its forecast, raising South Korea's 2026 growth estimate to 3.2 percent from the 2.6 percent projected in July, citing strong exports and corporate earnings amid the artificial intelligence boom. Similarly, in July, the Ministry of Finance and Economy increased its growth forecast to 3 percent, up by 1 percentage point due to the semiconductor supercycle, and in August, the Korea Development Institute (KDI) revised its projection to 3.2 percent from 2.5 percent.