The International Monetary Fund(IMF) has raised its forecast for South Korea’s economic growth this year by one-tenth of a percentage point to two-point-seven percent.
The revised figure was announced in the IMF’s latest World Economic Outlook released on Tuesday.
In the previous outlook on South Korea last month, the IMF predicted the fourth largest Asian economy would grow by two-point-six percent this year.
The institution said the rapid revision reflected an increase in the country’s estimated economic growth last year. Late last month, the Bank of Korea revised the Gross Domestic Product(GDP) growth for last year to zero-point-one percentage point higher than its initial estimate.
The IMF followed similar moves by local economic institutes. Last week, the Bank of Korea raised its 2017 growth forecast for South Korea from two-point-five percent to two-point-six percent. The Korea Development Institute(KDI) also raised its growth forecast for this year to two-point-six percent from two-point-four percent on Tuesday.