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S. Korea, IMF agree to revise GDP growth to 7 pc.

SEOUL, July 21 Kyodo

South Korea and the International Monetary Fund (IMF) have agreed to revise projection for the country's gross domestic product (GDP) growth this year to 6 or 7% from the original target of 2%, the South Korean Finance and Economy Ministry said Wednesday.

The upward revision of the GDP growth was made following the conclusion of a two-week consultations on major economic policies between South Korea and the IMF on Tuesday, the ministry said.

In their previous consultations in January, South Korea and the IMF forecast the GDP growth for South Korea this year at around 2%.

South Korea and the IMF agreed on the upward revision of the GDP growth because South Korea's economy is recovering faster than previously expected.

South Korea posted an annualized growth rate of 4.6% in the first quarter of this year. The Finance and Economy Ministry had earlier forecast 6% growth for the year and the country's central bank, the Bank of Korea, 6.8%.

South Korea's economy contracted 5.8% in 1998, after 5% growth in 1997, and it was forced to accept a nearly 58 billion dollar bailout from the IMF to stave off national bankruptcy.
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Publication:Asian Economic News
Date:Jul 26, 1999
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