Economy

International Monetary Fund upgrades Korea's economic growth outlook

International Monetary Fund upgrades Korea's economic growth outlook”

For the future, 41.1 percent of the respondents think job creation is the most important task for the South Korea economy, followed by seeking new growth engines and narrowing economic polarization.

This year's growth outlook was revised up to 3.2 percent from 3.0 percent estimated by the global body in the previous month.

Ballistic missile tests by North Korea and its sixth and largest nuclear test on September 3 in defiance of U.N. Security council resolutions have been destabilising investor sentiment in the South Korean economy. "GDP growth is projected at 3.2 percent in 2017 as the momentum in the first three quarters continues", the International Monetary Fund said in a statement after wrapping up a visit to Seoul by its officials.

According to the survey conducted by the state-run Korea Development Institute (KDI), 57.4 percent of the 1,000 respondents said the financial crisis was the most hard period for South Korea in its history, and 59.7 percent said it even altered their daily lives.

Feyzioglu said the growth was led by a strong expansion in investment in the IT and construction sectors as well as continued recovery of exports.

The worldwide body recommended South Korea to maintain accommodative monetary policy and expansionary fiscal policy.

The country's central bank froze its benchmark interest rate at an all-time low of 1.25 percent since June past year.



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