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IMF keeps its 2019 growth forecast for S. Korea at 2.6 pct

All News 22:00 April 09, 2019

SEJONG, April 9 (Yonhap) -- The International Monetary Fund (IMF) on Tuesday maintained its 2019 growth outlook for South Korea unchanged at 2.6 percent.

In its World Economic Outlook, the IMF forecast Asia's fourth-largest economy to improve in 2020, growing 2.8 percent.

Meanwhile, the IMF slashed its growth outlook for the global economy this year to 3.3 percent from its previous forecast of 3.7 percent in October.

Earlier this month, the Asian Development Bank shed its growth outlook for South Korea's economy this year to 2.5 percent from its 2.6 percent projection in December.

In March, the Organization for Economic Cooperation and Development cut its growth outlook for South Korea's economy this year to 2.6 percent, down from its previous forecast of 2.8 percent in November, amid a slowdown in global trade.

The South Korean economy expanded 2.7 percent in 2018, down from a solid 3.1 percent the previous year.

South Korea suffered a setback in production, investment and consumption in February.

Adding to the economy's woes, the country's exports declined 8.2 percent in March from a year earlier, marking the fourth straight month that outbound shipments have fallen.

This file photo shows containers carrying export goods in Busan, South Korea's largest seaport. (Yonhap)


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