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IMF expects S. Korea to grow 4.3% in 2021…keeping its July projection Updated: 2021-10-12 20:31:57 KST

The International Monetary Fund has slightly downgraded its global economic growth forecast for 2021 as the world is struggling from the on-going pandemic and supply disruptions. The agency expects the global economy to grow five.nine percent this year point-one percentage point down from its July projection.
But the IMF has maintained its previous projection for South Korea.
Its 2021 economic growth forecast… is unchanged from its previous forecast of four.three percent.
When asked by email what are the contributing factors to those continuous upgrades for Korea's GDP outlook, the IMF replied that: Early in the year, South Korea's real GDP increased mainly thanks to manufacturing exports as well as facilities investment, which were mainly driven by semiconductors. From the second quarter, two supplementary budgets and low interest rates have prompted consumption, triggering a faster-than-expected recovery.
The agency added that overall, they expect Korea's solid recovery to continue "although there remain downside risks to growth forecast, including uncertainty about the evolution of the COVID pandemic."
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