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Major investment banks revise up growth forecasts for Korean economy Updated: 2017-12-07 20:00:45 KST


Data compiled by the Korea Center for International Finance shows four out of nine major foreign investment banks hiked their 2018 growth forecasts for the local economy in November.
Barclays and Goldman Sachs projected the South Korean economy to grow three.one-percent next year while Bank of America Merrill Lynch and UBS forecast three-percent.
They're joining Seoul's finance ministry, the International Monetary Fund and the OECD that have already projected three-percent range growth for the South Korean economy in 2018.
And it's not just next year's forecast, some have upped their 2017 forecasts to the low three-percent range.
Goldman Sachs and JP Morgan had the highest growth forecast at three.two-percent.
Out of the nine major investment banks, HSBC was the only one with a forecast below three-percent, at 2.7-percent.
Citigroup, which projects three.one percent growth for this year and two.nine-percent for next year attributed its rosy forecast to South Korea's third quarter GDP growth, which spiked one.four percent on booming semiconductor exports.
It also pointed to the Moon Jae-in administration's income-driven growth initiatives as well as improved relations between Seoul and Beijing.
Kim Ji-yeon, Arirang News.
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