IMF Raises Growth Forecast for Korea to 6.1%

      September 02, 2010 12:14

      The International Monetary Fund has revised its growth forecast for Korea this year to 6.1 percent, up 0.35 points from a prediction in July and above even the Korean government's own forecast of 5.8 percent.

      It is the first international organization to forecast 6-plus percent growth for Korea this year.

      In its annual review of Korea on Wednesday, the IMF said an increase in investment and inventory rebuilding would result in a rise in production, hence the higher estimate. Evaluating Korea's monetary policy as still expansive, the IMF also said there is room to raise interest rates, which increased in July from 2 percent to 2.25 percent.

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