International Monetary Fund raises 2017 growth outlook for South Korea

Remigio Civitarese
Novembre 14, 2017

Europe's economy is set to grow by 2.4% in 2017, says the latest Regional Economic Outlook from the International Monetary Fund (IMF).

The IMF delegation, which has held an annual meeting with the South Korean government from early this month, announced the meeting result and upgraded its growth forecast for the Asian economy, according to the Ministry of Strategy and Finance.

The upward revision is higher than the outlook of South Korea's central bank, which last month raised its forecast to 3.0 percent citing moderate recovery of exports and domestic consumption. The forecast for inflation in 2019 remained unchanged at 5%.

Feyzioglu said the growth was led by a strong expansion in investment in the IT and construction sectors as well as continued recovery of exports.

IMF mission chief Tarhan Feyzioglu stressed that fiscal and monetary policies should remain accommodative to support growth as expenditure on social welfare and structural reforms remains important for overall growth.

The market consensus is that the BOK will raise interest rates for the first time in more than six years at its November 30 meeting after the economy posted its fastest growth in seven years in the third quarter.

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