The International Monetary Fund(IMF) has raised its growth forecast for South Korea to three-point-two percent for this year.
An IMF mission led by Tarhan Feyzioglu, a senior economist at the IMF's Asia and Pacific Department, released the revised outlook during a briefing in Seoul on Tuesday, announcing the result of its annual discussion with South Korean government officials since early this month.
The IMF’s previous estimate was three percent for this year and the next. It kept the 2018 outlook unchanged.
The IMF said South Korea’s short-term prospects are improving despite heightened geopolitical tensions in the region.
It added that Asia'a fourth-largest economy is showing an improvement this year, following a slowdown in the second half of 2016.