SEOUL, June 29 (Xinhua) -- The South Korean economy is likely to grow at an annual rate of 4.9 percent in 2011 to 2017 thanks to its solid economic fundamentals, a report by the Organization for Economic Cooperation and Development (OECD) said Monday.

    According to the South Korean Finance Ministry, the OECD said South Korea's economic growth is expected to mark the third-highest among its members as the nation's robust economic fundamentals may bring about an economic expansion after the global recession fades out.

    The OECD, however, expected South Korea would see a sharp rise in consumer inflation and long-term interest rates, which will stand at the peak in 2017.

    South Korea's consumer inflation rate is expected to come in at 2 percent and 3 percent in 2010 and 2017, respectively, which is the second-highest among the OECD members, the OECD said.

    South Korea's long-term interest rate, on the other hand, will likely stand at 7 percent, highest among the members, the OECD added.

    Earlier last week, the organization said that the South Korean economy would mark a 2.2 percent contraction this year, but would make a leap by growing 3.5 percent next year.