SEOUL, Nov. 1 (Korea Bizwire) – A South Korean think tank on Wednesday revised up its growth outlook for Asia’s fourth-largest economy this year to 3.1 percent, up 0.1 percentage point from its previous estimate in July.
The upward revision by the Korea Institute of Finance is higher than growth outlooks estimated by the Korean government, the Bank of Korea (BOK) and the International Monetary Fund (IMF).
Last month, the BOK raised its growth outlook for the country’s GDP to 3 percent for 2017, up 0.2 percentage point from its earlier estimate.
The IMF also recently adjusted South Korea’s gross domestic product growth to 3 percent, up 0.3 percentage point from its previous estimate in April, citing the general recovery in global trade.
In the July-September period, South Korea’s GDP advanced 1.4 percent from the previous quarter, a growth that suggests South Korea is on track to meet or surpass its target of 3 percent growth.
The BOK forecast the country’s annual economic growth may reach 3.15 percent if the economy expands only 0.20 percent in the fourth quarter. Economic growth of 0.92 percent in the October-December period would translate to an annual increase of 3.35 percent, according to the central bank.