IMF raises South Korea’s growth rate this year 2.6%...the size of the increase is the largest among 30countries
The IMF 8 raised its forecast for South Korea’s growth this year to 2.6%. It cited strong exports of semiconductors and AI hardware as the reason, and assessed that the size of the increase was the largest among 30countries.
The International Monetary Fund (IMF) 8 raised South Korea’s economic growth rate this year to 2.6%. The IMF assessed that the semiconductor boom and exports of AI-related hardware would contribute to growth.
The IMF said it raised the forecast from 4% presented in its 1.9-month report to 0.7% this time, an increase of 30 percentage points. This upward adjustment was the largest among the countries for which the IMF issued forecasts.
The growth forecast for next year also changed. The IMF raised next year’s forecast from 2.1% to 2.5%.
The global growth forecast was revised down slightly. The IMF lowered its forecast for global growth this year from 3.1% to 3.0%.
The forecasts for advanced economies and emerging and developing economies were also adjusted. The growth forecast for advanced economies was lowered from 1.8% to 1.7%, while that for emerging and developing economies was reduced from 3.9% to 3.8%, respectively.
The IMF assessed that the global economy is exposed to opposing forces: supply shocks caused by the war in the Middle East and an AI-driven technology cycle. It viewed Korea as likely to benefit positively because of its significant share in the AI technology value chain.
The IMF identified Korea as one of the top 4 countries in terms of net AI hardware exports (Korea, Taiwan, Thailand, and Malaysia). Growth in the previous 1 quarter was recorded at an annualized, seasonally adjusted rate of 7.5%, and the IMF wrote that this was well above its estimate at the time in 4, which was 1.8%.
Sources: 뉴시스 경제
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