South Korea's economic growth falls behind fast-expanding OECD members
Seoul - QNA
South Korea's annual economic growth lagged behind fast-expanding members of the Organization for Economic Cooperation and Development (OECD), data showed Sunday.
Asia's fourth-largest economy saw its annual economic growth reach 2.6% on-year in 2015, ranking 12th among the members of the Paris-based organization of economically developed countries, according to South Korea's (Yonhap) News Agency.
It marked the first time since 2006 that South Korea did not make the top-10 list of the fastest expanding member states.
South Korea's economic growth came in below major Eastern European countries, with the Czech Republic, Hungary and Poland posting comparable figures of 4.2%, 2.9% and 3.6%, respectively.
Seoul's economic growth also lagged behind smaller OECD economies, such as Iceland and Ireland, which each posted annual growth of 4 percent in 2015.
The Korea Development Institute expects the South Korean economy to grow 2.6% and 2.7% on-year in 2016 and 2017, respectively.