Moody's Raises GDP Forecast for Korea

Global credit rating firm Moody's has raised its economic growth forecast for Korea this year to 3.5 percent from 3.1 percent in February.

It also raised its forecast for next year to 3 percent from 2.8 percent.

Moody's said Korea's strong chip exports and fiscal support will continue to drive the economic recovery. It added that despite a resurgence in the coronavirus epidemic, progress on vaccinating the population could help consumption recover.

It also raised the G20 countries' average growth outlook for this year to 6.1 percent from 5.3 percent.