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Park's economic plan receives top rating from IMF, OECD

According to Yonhap News,

(BRISBANE=Yonhap News) South Korea said Sunday its economic plan has received a top rating from two major international originations, a move that could give a boost to President Park Geun-hye in pushing for her economic agenda.

The Group of 20 advanced and emerging economies submitted their economic reform agenda for assessment by the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) under an ambitious plan to raise their combined gross domestic product by 2 percent by 2018.

The growth strategies, if implemented as planned, would boost their combined GDP by 2.1 percent or translate into around US$2 trillion in additional global economic activity, according to the IMF and OECD.

The two bodies said South Korea's GDP could climb by 4.4 percent or an increase of nearly 60 trillion won ($54 billion) in additional gross domestic product if its economic measures are carried out as planned.

In February, Park announced a package of ambitious measures to boost Asia's fourth-largest economy and fix various problems hampering its growth.

In a separate session, Park urged world leaders to actively contribute to a U.N. organization aimed at raising funds to curb global warming.

She said it is important for advanced countries to raise funds for the Green Climate Fund so that the U.N. body can play a role in helping developing nations tackle global warming and other climate challenges.

Her appeal came a day after U.S. President Barack Obama pledged to contribute US$3 billion to the Green Climate Fund to help developing nations deal with climate change.

Japan has also announced a plan to contribute $1.5 billion to the U.N. body whose secretariat went into operation in South Korea's Songdo, west of Seoul, last year.

Also Sunday, Park met with Saudi Crown Prince Salman bin Abdulaziz Al Saud and expressed hope that the two countries will forge cooperative ties in a wide range of issues, including health care and renewable energy.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (November. 16, 2014)

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