The International Monetary Fund(IMF) has projected growth in the two-percent range annually for South Korea’s economy over the next five years.

According to the 2023 Article IV Consultation report for South Korea released on Sunday, the agency said that the country’s real gross domestic product is expected to expand two-point-two percent next year from a projected one-point-four percent growth this year.

The forecast projected growth of two-point-three percent in 2025, two-point-two percent each in 2026 and 2027, and two-point-one percent in 2028, while not taking into account China's economic recovery.

Meanwhile, the IMF forecast South Korea's potential output rate to reach two-point-one percent this year, two-point-two percent for both 2024 and 2025, and two-point-one percent for 2026 to 2028.

The figure presents an estimated stall in the maximum possible level of production that the nation’s economy can achieve by mobilizing all economic factors including labor, capital and resources, without generating inflationary pressure.