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S.Korean central bank raises 2017 growth outlook to 2.6 pct

Xinhua, April 13, 2017 Adjust font size:

South Korea's central bank on Thursday revised up this year's growth forecast to 2.6 percent from the previous 2.5 percent estimated three months earlier, as both exports and private consumption showed signs of recovery.

Bank of Korea (BOK) Governor Lee Ju-yeol made the announcement after the monetary policy meeting.

It was the first time in three years that the central bank revised up its growth forecast. The BOK estimate was the same as those from the finance ministry and the International Monetary Fund (IMF).

The BOK outlook was even higher than the figures estimated by economic think tanks. Hyundai Research Institute and LG Economic Research Institute set its growth outlooks at 2.3 percent and 2.2 percent respectively, while the state-run Korea Development Institute (KDI) projected a 2.4 percent expansion.

Governor Lee said the recent economic growth momentum was expanded more or less owing to improved export and investment that would raise the first-quarter growth rate higher than the previous quarter. Endit