International Monetary Fund upgrades Korea's economic growth outlook

International Monetary Fund upgrades Korea's economic growth outlook

International Monetary Fund upgrades Korea's economic growth outlook

Europe's economy is set to grow by 2.4% in 2017, says the latest Regional Economic Outlook from the International Monetary Fund (IMF).

Ballistic missile tests by North Korea and its sixth and largest nuclear test on September 3 in defiance of U.N. Security council resolutions have been destabilising investor sentiment in the South Korean economy.

Feyzioglu said the growth was led by a strong expansion in investment in the IT and construction sectors as well as continued recovery of exports.

The IMF raised its 2017 GDP estimate to 3.2 percent from 3 percent projected in September.

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The IMF delegation, which has held an annual meeting with the South Korean government from early this month, announced the meeting result and upgraded its growth forecast for the Asian economy, according to the Ministry of Strategy and Finance.

Asked if interest rate hikes by the Bank of Korea would mean tightening, Feyzioglu said monetary policy would remain accommodative even after a couple of rate increases as the current policy rate is at a record-low of 1.25 percent.

The country's central bank froze its benchmark interest rate at an all-time low of 1.25 percent since June previous year.

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