15:30 | 10/05/2017 Global Economy
The International Monetary Fund (IMF) kept its forecast for economic growth in 2017 of the Republic of Korea (RoK) at 2.7 percent, despite signs of a recovery in the country's exports, according to Yonhap news agency.
|Illustrative photo (Source: AFP)|
The projection by the IMF is slightly higher than the 2.6 percent growth forecast by the Bank of Korea. Last year, the RoK economy expanded by 2.8 percent.
Yonhap also cited a new report of the Korea Development Institute which said exports and investment of the RoK maintain a high growth rate, signalling that the economy continues to expand moderately.
In a recent speech, acting President of the RoK Hwang Kyo-ahn affirmed that the Government will spare no effort to meet the demand of businesses through providing information and financial aid and boosting cooperation with foreign governments.
He also stressed the significance of local firms in generating jobs and economic recovery of the RoK.