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IMF revises up S. Korea's 2017 growth forecast

All News 15:45 July 24, 2016

SEOUL, July 24 (Yonhap) -- South Korea's economy is expected to grow 3 percent in 2017 from a year earlier, the International Monetary Fund (IMF) said Sunday, adjusting upward its previous estimate despite rising economic uncertainties from Britain's exit from the European Union.

South Korea's finance ministry said the IMF has revised up the country's annual economic growth by 0.1 percentage point for 2017. The forecast for this year remained at 2.7 percent, the data also showed.

The report was released on the occasion of the Group of 20 gathering of top finance officials in China.

It marked the first time since October 2014 for the IMF to revise up the country's annual economic growth.

While the announcement is not a finalized decision, market watchers said the updated result is still significant, considering that the Brexit issue continues to weigh down the global economy.

The IMF announces its official economic growth outlook twice every year: in April and October.

South Korea's central bank, meanwhile, expects the local economy to grow 2.9 percent in 2017.


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