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IMF upgrades S. Korea's economic growth outlook to 3.2 pct this year

2017/11/14 16:20

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SEOUL, Nov. 14 (Yonhap) -- The International Monetary Fund (IMF) said Tuesday that it has revised up its growth outlook for South Korea's economy this year to 3.2 percent.

The upward revision came a month after the IMF adjusted South Korea's gross domestic product growth to 3 percent.

"The cyclical recovery is expected to continue. GDP growth is projected at 3.2 percent in 2017 as the momentum in the first three quarters continues," the IMF said in a statement after wrapping up a visit to Seoul by its officials.

The IMF also said growth is forecast at around 3.0 percent in 2018, with private consumption growth benefiting from the large minimum wage increase and from policies supporting employment and social spending.