The Korea Development Institute, a state-run think tank will release its monthly economic trends report for May on Tuesday.
In its latest review, the institute saw an easing of the country’s economic fallout as the manufacturing sector improved on the back of strong exports.
The figure rose 16 and a half percent on-year in March, expanding five consecutive months, based on year-on-year growth.
The think tank also attributed improved consumer sentiment to its assessment.
The index hit 100.five in March, exceeding the 100 mark for the first time since January last year, indicating that people anticipate economic recovery.
A reading above 100 indicates optimism surpassing pessimism.
On Wednesday, Statistics Korea will release the number of employed people in April.
The March figure marked the first job addition since the same month last year, the early days of the pandemic.
The government agency attributed the rise to the easing of social distancing measures in February.
Eyes are on whether the employment figure will continue to improve in April.
The Korea Development Institute will announce its economic outlook for 2021 on Friday.
In its most recent forecast in November last year, the think tank projected three.one percent growth this year.
However, market watchers expect the institute to raise its initial outlook.
The IMF recently raised its growth forecast for Korea this year to three.six percent from its January estimate of three.one percent.
It cited stronger external demand and extra government budget amid the pandemic as major reasons for their upward revision.
SEO Eunkyung, Arirang News.