IMF Maintains South Korea's Growth Forecast at 4.3%

[Asia Economy Reporter Hyungsoo Park] The International Monetary Fund (IMF) has maintained its forecast for South Korea's economic growth rate at 4.3% for this year. However, it lowered the growth rate forecast for next year by 0.1 percentage points from the previous estimate.

According to the Ministry of Economy and Finance on the 12th, the IMF maintained South Korea's economic growth rate forecast for this year at 4.3% as presented in the October World Economic Outlook.

Previously, in July, the IMF revised South Korea's growth rate forecast upward from 3.6% to 4.3%.

The IMF's growth rate forecast for South Korea is higher than those of major institutions such as the South Korean government (4.2%), the Bank of Korea (4.0%), and the Organisation for Economic Co-operation and Development (OECD) (4.0%). It is also higher than the forecasts of credit rating agencies such as Moody's (4.0%), S&P (4.0%), and Fitch (4.0%).

The IMF lowered its global economic growth forecast for this year from 6.0% to 5.9%, a 0.1 percentage point decrease. While overall economic recovery is being maintained, the IMF took into account disruptions in global supply chains. The IMF also significantly lowered the growth forecast for advanced economies this year from 5.6% to 5.2%, a 0.4 percentage point drop.

This content was produced with the assistance of AI translation services.