SEOUL: The International Monetary Fund (IMF) said Tuesday it revised up the 2024 growth outlook for the Republic of Korea to 2.5 percent on the back of stable global economic expansion.

According to Yonhap News Agency, the latest projection marked a 0.2 percentage-point increase from its April forecast, when the organisation maintained the outlook at 2.3 percent.

The latest projection is on par with that made by the Bank of Korea. The Korean government and the Organisation for Economic Cooperation and Development presented a 2.6 percent expansion.

The IMF, however, slashed the growth forecast for next year by 0.1 percentage point to 2.2 percent.

The Korean economy has been recovering, led by rising exports and, particularly, solid global demand for semiconductors.

Exports, a key growth engine, rose 5.1 percent on-year to US$57 billion in June, the ninth straight monthly gain, as chip exports surged 50.9 percent to reach an all-time monthly high, according to government data.

For the global economy, the
IMF maintained the growth forecast for 2024 at 3.2 percent and revised up the 2025 forecast by 0.1 percentage point to 3.3 percent.

Source: Emirates News Agency