International Monetary Fund revises up S. Korea's 2017 growth outlook to 3.2 pct

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IMF revises up S. Korea's 2017 growth outlook to 3.2 pct

Wrapping up a two-week visit, the International Monetary Fund said it expects Asia's fourth-largest economy to expand 3.2 percent this year, up from its earlier prediction of 3.0 percent.

It also forecast growth of around three percent in 2018.

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The upward revision is higher than the outlook of South Korea's central bank, which last month raised its forecast to 3.0 percent citing moderate recovery of exports and domestic consumption. Next year's growth forecast was unchanged at 3.0 percent.

"This recovery in many countries of Europe is now increasingly solidifying and strengthening", said Jorg Decressin, deputy director of the IMF's European Department.

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However, it noted that the economy failed to maintain a sustainable growth due to structural problems such as the deepening of disparity and bipolarization, slowing productivity and the negative demographic structure.

The global body recommended South Korea to maintain accommodative monetary policy and expansionary fiscal policy.

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The market consensus is that the BOK will raise interest rates for the first time in more than six years at its November 30 meeting after the economy posted its fastest growth in seven years in the third quarter.

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