HSBC, the largest bank in Europe, forecasts the Korean economy will grow four-point-six percent next year.

Hong Kong’s South China Morning Post cited an HSBC report released Tuesday as showing the Korean growth forecast jumping from three-point-six to four-point-six percent.

The bank’s forecast for next year’s growth of Asian economies, excluding Japan, also went up from six-point-nine to seven-point-six percent.

The report also predicted South Korea and Taiwan might raise their key interest rates in the first half of next year.