The Asian Development Bank(ADB) has upgraded its growth outlook for South Korea to two-point-five-percent for this year. 

According to the finance ministry on Wednesday, the ADB projected in its latest Asian Development Outlook that the South Korean economy will grow two-point-five percent this year, up zero-point-three percentage points from its previous forecast made in April. 

The ADB said the upgrade is based on strong exports on the back of rising demand for semiconductors. 

The ADB’s projection matched the latest outlook by the International Monetary Fund and the Bank of Korea. The Seoul government and the Organization for Economic Cooperation and Development(OECD) forecast a two-point-six percent growth. 

The ADB maintained its growth forecast for South Korea next year at two-point-three percent.