S. Korean economy to recover faster than other OECD nations: report

SEOUL, Aug. 9 (Yonhap) -- South Korea's economy is expected to recover in the
months to come at a relatively faster pace than other major economies, as
indicators are pointing to a rebound from the financial and economic turbulence
that started last year, a report showed Sunday.
According to the report by the Organization for Economic Cooperation and
Development (OECD), the composite leading indicator (CLI) for South Korea rose to
100.7 in June, up 1.8 points from 98.9 a month earlier.
The CLI is an indicator that gauges how the economy will fare six months ahead by
measuring industrial output, gross domestic product, and housing and financial
market conditions. A reading above 100 means the economy will continue to expand.

South Korea's CLI surpassed the 100 benchmark for the first time since the
collapse of Lehman Brothers in September, which sparked a global financial crisis
and a protracted economic downturn. It is also the highest since March 2008, when
the indicator stood at 100.7.
Italy topped the list with its CLI rising by 2.2 points in June, followed by
Turkey and Slovenia with 2.1 points and 2 points, respectively, the report
showed. Germany, Luxembourg and Spain followed South Korea in terms of the CLI
improvement.
The report comes amid growing optimism here that the nation's economy might be
nearing bottom as the latest indicators are showing signs of rebounding.
Industrial output expanded for the sixth straight month in June, while
consumption and corporate investment are showing signs of a marked pickup.
The Seoul government recently revised up its growth outlook for this year,
forecasting that the economy will contract 1.5 percent, higher than its previous
projection of minus 2 percent growth.
kokobj@yna.co.kr
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