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 (email@example.com