ADB Raises Korea's Growth Forecast for Next Year

The Asian Development Bank has raised Korea's growth forecast for next year to three percent. It said improved diplomatic relations with China will boost Korea's exports and revive tourism in the coming months.

For this year, the ADB forecast 3.1 percent growth, up from 2.8 percent, due to exports soaring 17 percent on-year from January to October, reversing a decline of close to eight percent in 2016.

The bank kept China's growth forecast at 6.4 percent for 2018 but and raised the outlook for ASEAN to 5.2 percent citing a stronger-than-expected recovery in exports and robust domestic demand.