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IMF slightly upgrades S. Korea's 2021 growth forecast to 3.1% Updated: 2021-01-27 08:32:16 KST

The IMF has slightly upgraded South Korea's 2021 growth forecast as Asia's fourth-largest economy is faring relatively well despite the pandemic.
The agency expects the South Korean economy to grow 3.1 percent this year, revised up from its previous growth outlook of 2.9 percent released last October.
The South Korean economy is forecast to rebound this year due to improving exports.
The organization painted a bright picture for the world economy this year, as the rollout of COVID-19 vaccines and treatments are expected to boost momentum going forward.
As for major economies, the IMF forecasts the U.S. and Japan are set for a recovery in 2021 backed largely by their massive stimulus packages.
On the other hand, it lowered the growth forecast for China as well as many European countries, such as Germany, France and Italy.
The IMF also said South Korea will likely post the highest combined growth rate for 2020 and 2021 among 11 advanced countries.

"The combined growth rate for 2020 and 2021 shows how well a country's economy is recovering to the pre-pandemic level. Data shows South Korea will recover at the fastest pace."

The IMF also urged countries to continuously monitor their social safety nets to protect those in the most vulnerable groups.
Kim Hyo-sun, Arirang News.

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