The International Monetary Fund(IMF) has sharply raised its growth outlook for South Korea for this year.

In its latest report, the IMF forecast the South Korean economy to grow four-point-three percent this year, up point-seven percentage points from its April estimate of three-point-six percent.

The raise is larger than an average increase of point-five percentage points for advanced economies. 

The revised growth outlook for South Korea is attributed to its rapid economic recovery boosted by robust exports, but the latest projection reflected the economic conditions before the country was hit by the latest sharp rise in COVID-19 cases.
 
The IMF also revised up its growth outlook for South Korea for next year to three-point-four percent, up point-six-percentage points from its April projection.

The IMF kept its growth outlook for the global economy for this year at six percent, while raising its estimate for next year by half a percentage point to four-point-nine percent.