IMF raises South Korea's economic growth forecast for this year to 2.6%
South Korea's economic growth outlook is 2.6%; IMF reflects strong semiconductor and AI exports While the IMF lowered its global outlook, find out why it raised South Korea's growth forecast
The International Monetary Fund (IMF) has raised its forecast for South Korea's economic growth rate this year to 2.6%. This is 0.7 percentage points higher than the 1.9% it projected last April.
In its July World Economic Outlook released on the 8th, the IMF cited strong exports of semiconductors and AI hardware as the reason for revising South Korea's outlook upward. It also raised South Korea's growth forecast for next year to 2.5%, up from the previous estimate.
On the other hand, it slightly lowered its forecast for global economic growth to 3.0%, and also revised down the outlook for advanced economies, the eurozone, and Japan. The IMF identified the Middle East situation, trade fragmentation, and weakened policy space in some countries as downside risks to the global economy.