The International Monetary Fund (IMF) projected that South Korea’s ratio of net external financial assets is likely to increase to 56 percent of the country’s gross domestic product (GDP) in the short- and medium-term from the current 46 percent.

The IMF presented the projection on Sunday in its annual external sector reports.

According to the reports, South Korea’s net external financial assets – excluding external financial liabilities – stood at 46-point-three percent of its GDP last year.

The figure marks an increase of nine-point-nine percentage points from 2021. The IMF attributed the rise to an increase in direct overseas investment by South Koreans and a drop in portfolio investment by foreigners.

According to the Bank of Korea, the country’s net external financial assets reached 771-point-three billion dollars, or 989-point-nine trillion won, at the end of last year.

The IMF projected that, on the back of a surplus in the current account, the next external financial assets will likely increase 56 percent of the country’s GDP in the short- and medium-term, up ten percentage points from 2022.