IMF Revises Korea Growth Forecast Upwards
14 October, 2020
The International Monetary Fund has revised its monetary growth forecast for Korea this season upwards by 0.2 percent.
It now expects the Korean economy to shrink 1.9 percent this season instead of 2.1 percent as forecast in June. Prior to the coronavirus epidemic, the forecast was 2.2 percent growth.
Worldwide, the IMF revised its forecast from -5.5 percent in June to -4.4 percent. It forecast that the U.S. and the Eurozone economies will shrink 4.3 percent and 8.3 percent, up 3.7 percentage points, and 1.9 percentage points from the June projection.
Japan is likely to contract 5.3 percent. Only China is likely to post positive growth of just one 1.9 percent, up 0.9 percentage points from the June forecast.
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