(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] The International Monetary Fund (IMF) has upwardly revised South Korea's economic growth forecast for this year to 2.5%, while maintaining the global economic growth forecast at 3.2% from its April projection.

According to the Ministry of Economy and Finance, the IMF released its "July Economic Outlook Report" on the 16th (local time), which included these updates. In April, the IMF had anticipated South Korea's growth rate for this year to be 2.3%, marking a 0.2 percentage point increase in the latest report. However, this forecast remains below the government's official projection of 2.6%. Previously, the Korea Development Institute (KDI) and the Organisation for Economic Co-operation and Development (OECD) had also forecasted 2.6%.

The IMF maintained its previous forecast for global economic growth, highlighting structural reforms leading to productivity gains and expanded trade expectations. However, it identified geopolitical tensions, inflationary pressures, and fiscal deficits as constraints to growth. The IMF also anticipates a recovery in global trade, supported by export growth in the Asian region.

 

 

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