OECD predicts Israel’s economy to grow this year

The Organization for Economic Cooperation and Development (OECD) on Wednesday raised Korea's economic growth outlook for this year to 2.6 percent from 1.7 percent three months earlier, citing the country's robust chip exports amid the artificial intelligence boom.

This has damped hopes that a deal may be close to reopen the Strait of Hormuz to more ships.

The OECD now expects German gross domestic product to grow by 0.7 percent this year, down 0.1 percentage point from its March projection.

Under a baseline scenario in which prospects for a peace deal between the United States and Iran gain momentum and energy prices gradually ease from mid-2026 onward, the OECD projects global economic growth to slow from 3.4 percent in 2025 to 2.8 percent in 2026 before recovering to 3.1 percent in 2027.