IMF Upgrades Growth Outlook for Korea

  • By Park Yu-yeon

    November 15, 2017 11:14

    The International Monetary Fund has raised its growth outlook for the Korean economy this year from 3.0 percent to 3.2 percent, while keeping the next year's outlook the same.

    An IMF team visited Korea to conduct an annual consultation.

    "Korea's near-term outlook is improving despite elevated geopolitical tensions," the IMF said on Tuesday. "The cyclical recovery is expected to continue. GDP growth is projected at 3.2 percent in 2017, as the momentum in the first three quarters continues. In 2018, growth is forecast at around 3.0 percent."

    The IMF said that the country's recovery "has been supported by an accommodative monetary policy, with lending rates and long-term yields close to record lows," and advised maintaining the stance. 

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