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THE INVESTOR
April 26, 2018
Big Reunion

Economy

IMF upgrades Korea’s economic growth outlook

  • PUBLISHED :November 14, 2017 - 17:09
  • UPDATED :November 14, 2017 - 17:09
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[THE INVESTOR] The International Monetary Fund said on Nov. 14 that it has revised up its growth outlook for Korea’s economy this year to 3.2 percent.

The upward revision came a month after the IMF adjusted Korea's gross domestic product growth to 3 percent.

“The cyclical recovery is expected to continue. GDP growth is projected at 3.2 percent in 2017 as the momentum in the first three quarters continues,” the IMF said in a statement after wrapping up a visit to Seoul by its officials.

The IMF also said growth is forecast at around 3 percent in 2018, with private consumption growth benefiting from the large minimum wage increase and from policies supporting employment and social spending.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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