The OECD cut South Korea’s 2024 growth forecast to 1.5% from 2.1%, citing rising trade barriers and geopolitical risks, according to its latest global economic outlook. The downgrade places Korea among the slowest-growing G20 economies and follows a similar cut by the Bank of Korea, which recently lowered its projection to 1.4%. The OECD’s global growth forecast was also revised down to 3.1% for 2025, with Canada and Mexico facing the steepest cuts due to trade risks. South Korea’s inflation outlook was slightly raised, with consumer prices expected to rise 1.9% in 2025 and 2.1% in 2026. The OECD expects Korea’s growth to improve to 2.2% in 2026.