IMF forecasts Korea's economic growth rate of 3.1% this year

The International Monetary Fund (IMF) raised its forecast for Korea's economic growth this year from 2.9% to 3.1%. The growth momentum of the global economy will weaken earlier this year due to the spread and blockade of the novel coronavirus infection (Corona 19), but the economic recovery momentum is expected to strengthen in the second quarter thanks to the expansion of vaccines and treatments. The IMF unveiled its growth prospects for 30 countries, including Korea, along with the report'World Economic Outlook update' released on the 26th (local time). The IMF publishes forecasts for each country's economic growth rates in April and October every year, and adjusts forecasts for major countries in revised reports released in January and July.

 

Korea's economic growth rate next year is forecast to be 2.9%. Last year's forecast for Korea's growth rate was raised to -1.1%, 0.8 percentage points higher than the previous value. It was the highest among the 11 developed countries whose growth prospects were disclosed. The Bank of Korea announced that the fourth quarter of last year and the annual real gross domestic product (GDP) growth rate (breaking report) were calculated at 1.1% and -1.0%, respectively, compared to the previous quarter. . The combined growth rate of Korea in 2020-2021, as predicted by the IMF, is 2.0%. This is also the highest among 11 advanced countries, including the United States (1.5%), Japan (-2.2%), Germany (-2.1%), France (-4.0%), Italy (-6.5%), and Spain (-5.9%). . The Ministry of Strategy and Finance said, "It means that the negative impact of the corona on the real economy has been minimized, and Korea is expected to have the highest degree of recovery of the real economy to the level before the coronavirus." It is highly appreciated for Korea's response in the process.”