Growth Forecasts Revised Higher By Think Tank

The Korea Development Institute (KDI) has sharply revised up its growth outlook for the South Korean economy this year, citing robust exports amid a global economic recovery. The KDI revised its growth forecast up to 3.8%, this year, up from its estimate of 3.1% in November last year. The think tank said robust exports will propel the economic growth this year and private spending will likely improve starting next year. The forecast higher than the 3% growth estimate by the BoK and the 3.6% growth forecast by the IMF.

• President Moon Jae-in said Monday the government will make efforts to help the Korean economy grow at least 4% this year while the finance ministry earlier penciled in the growth rate in the mid-to-high 3% range.