Major foreign investment banks have revised upward their growth forecasts for the Korean economy on its brisk exports and better-than-expected expansion for the third quarter, a report showed on Nov. 7.
According to the report by the Korea Center for International Finance, Barclays, JP Morgan, Goldman Sachs, Nomura and five other foreign IBs forecast Asia‘s fourth-largest economy to grow at an average rate of 3 percent in 2017.
The forecast, made at the end of last month, is up from the median growth projection of 2.8 percent presented a month earlier.
The IBs also revised up their 2018 growth forecast for the economy to 2.8 percent from 2.6 percent over the cited period.
The upward revisions came amid South Korea’s strong exports and robust economic growth during the July-September quarter.
Foreign IBs became more bullish as Korea’s economy grew 1.4 percent in the third quarter from three months earlier, according to the report.
By Alex Lee and newswires (email@example.com