IMF Ups S. Korea Growth Forecast
World Economy

IMF Ups S. Korea Growth Forecast

South Korea’s economy is expected to grow 3% in 2017 from a year earlier, the International Monetary Fund said Sunday, adjusting upward its previous estimate despite rising economic uncertainties from Britain’s exit from the European Union, Yonhap reported. South Korea’s finance ministry said the IMF has revised up the country’s annual economic growth by 0.1 percentage point for 2017. The forecast for this year remained at 2.7%, the data showed. It marked the first time since October 2014 for the IMF to revise up the country’s annual economic growth. South Korea’s central bank, meanwhile, expects the local economy to grow 2.9% in 2017.

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