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  • IMF Upgrades Korea’s Economic Growth Outlook to 3.2 Percent

  • Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-yeon (left) greets IMF Korea Mission Chief Tarhan Feyzioglu at the Government Complex Seoul on Nov. 10. (Ministry of Strategy and Finance)

    By Min Yea-Ji and Kim Young Shin 

    The IMF announced that it has upgraded Korea’s economic growth forecast for 2017 to 3.2 percent, in Seoul on Nov. 14. 

    The IMF previously had Korea’s economic growth outlook at 3.0 percent in October, and has now upgraded it by 0.2 percentage points after 35 days. 

    The IMF mission team visited Seoul from Nov. 1 to 14 to participate in an Article IV Consultation. On Nov. 4, the team announced the conclusion of its Article IV Mission to Korea, which was upgrading the economic growth outlook for the South Korean economy. 

    “Korea’s cyclical recovery is expected to continue,” said IMF Korea Mission Chief Tarhan Feyzioglu. “GDP growth is projected at 3.2 percent for 2017, as the momentum of the first three quarters continues.” 

    He also noted the strong expansion in investment, especially in IT and construction, and a growth in exports, as reasons for the improved outlook. 

    The IMF’s new economic growth prediction for Korea is higher than that forecast by the Ministry of Strategy and Finance and the Bank of Korea, which are both at 3.0 percent.






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