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IMF upgrades S. Korea's economic growth outlook to 3 pct this year

According to Yonhap News,

(SEOUL=Yonhap News) The International Monetary Fund said Tuesday that it has revised up South Korea's growth forecast for this year on the recovery in global trade and China's import demand.

The IMF adjusted the country's gross domestic product growth to 3 percent, up 0.3 percentage point from its previous estimate in April.

The upward revision is in line with South Korea's growth outlook for 2017. In July, South Korea raised its target growth to 3 percent from 2.6 percent, citing export-led growth.

Outbound shipments came to US$55.1 billion in September, up from $40.8 billion tallied a year earlier, according to the South Korean government data.

The country's exports have been on a steady rise since November led by an upturn in oil prices and recovering global trade. September marked the ninth month in a row that exports grew by double digits.

The IMF also said Asia's fourth-largest economy could grow by 3 percent in 2018 up from its previous estimate of 2.8 percent posted in April.

South Korea's central bank is set to decide next Thursday whether to revise its growth outlook for the country's economy this year. In July, the Bank of Korea marked up its growth outlook for this year to 2.8 percent from its previous estimate of 2.6 percent.

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Source: Yonhap News (Oct. 10, 2017)
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