International Monetary Fund raises 2017 growth outlook for South Korea

International Monetary Fund raises 2017 growth outlook for South Korea

International Monetary Fund raises 2017 growth outlook for South Korea

On October 26, the National Bank of Ukraine downgraded the forecast for inflation in 2017 from 9.1% to 12.2%.

The International Monetary Fund said on Tuesday it expects South Korea's economy to expand by 3.2 percent this year, slightly faster than it had previously forecast, as a cyclical recovery led by exports will continue through the fourth quarter.

This year's growth outlook was revised up to 3.2 percent from 3.0 percent estimated by the worldwide body in the previous month.

"The momentum is very strong", Tarhan Feyzioglu, IMF's mission chief for the country, told reporters, adding that "3.2 percent is very feasible".

The IMF delegation, which has held an annual meeting with the South Korean government from early this month, announced the meeting result and upgraded its growth forecast for the Asian economy, according to the Ministry of Strategy and Finance.

"This recovery in many countries of Europe is now increasingly solidifying and strengthening", said Jorg Decressin, deputy director of the IMF's European Department.

Feyzioglu, however, warned that skyrocketing household debt, which exceeds 90 percent of South Korea's gross domestic product, was a key financial risk.

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