South Korea Growth Outlook Revised to 3 Percent in 2017

The growth forecast of South Korea for 2017 was changed on Tuesday pledged to maintain an expansionary fiscal policy that would boost employment. The projected data is an expansion of 3 percent which is already the quickest since the 3.3 percent three years ago. The latest was revised was higher from the previous 2.6 percent and the Bank of Korea outlook of 2.8 percent.

The rise in global demand of goods supporting growth in the latter six months of the year has progressed which includes fiscal spending worth 11 trillion won ($9.85 billion) as the additional budget on July 22nd. There is high hopes that this would raise growth by 0.2 percent this year as the country’s potential growth rate of 3 percent which seems possible as the government implements reforms towards “consumption-led growth” according to the finance minister.