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Fitch Raises S. Korea's Growth Outlook to -0.9%

Write: 2020-06-30 15:36:10Update: 2020-06-30 15:42:36

Fitch Raises S. Korea's Growth Outlook to -0.9%

Photo : YONHAP News

Credit rating agency Fitch has raised South Korea's growth outlook for this year from minus one-point-two to minus zero-point-nine percent.

In its latest report Tuesday, Fitch Ratings said it has raised the 2020 growth forecast for some countries while maintaining the global growth outlook at negative four-point-six percent.

Fitch's chief economist Brian Coulton said signs of improving economic activity have become more clear in the past months, giving weight to the view that COVID-19-related recession hit bottom in April.

But he said there is still a high risk of another wave or lockdown measures returning, in which case the expected trajectory of economic recovery could suffer another blow.

Regarding Korea's adjusted outlook, Coulton cited success in containing the virus, positive economic indicators and additional stimulus measures.

Fitch also raised China's growth outlook from point-seven to one-point-two percent this year while keeping the forecast for the U.S. economy at negative five-point-six percent.

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