SEOUL, 20th November, 2024 (WAM) -- An International Monetary Fund (IMF) team said Wednesday that Korea's economy is forecast to grow 2 percent next year, reported Yonhap News Agency.
The latest forecast by the IMF team marked a 0.2 percentage-point drop from an earlier projection presented by the IMF's executive board in October.
The announcement was made after the IMF team, led by its Korean missions chief Rahul Anand, made a two-week visit to Korea for an annual meeting with the finance ministry, the Bank of Korea (BOK) and other relevant institutions to discuss the country's economy and policy measures.
"The real gross domestic product is projected to expand by 2 percent in 2025 as the economy converges to its potential growth and the output gap is closed," Anand said in his statement.
For 2024, the team forecast the country's GDP to expand 2.2 percent on-year, also down from the 2.5 percent growth projected earlier by the IMF.
"Growth is expected to reach 2.2 percent in 2024, supported by strong semiconductor exports, while partially offset by a weak recovery of domestic demand," the released statement said.