Aug 11 (Reuters) - The International Monetary Fund on Sunday
joined the South Korean government, the central bank and global
investment banks in upgrading their assessment of the pace of
recovery in Asia's fourth-largest economy.
The IMF raised its forecast for the country's 2009 economic growth to a contraction of 1.8 percent from a fall of 3.0 percent, which was an upgrade last month from a 4.0 percent drop seen previously.
That compares with the Bank of Korea's projection of a 1.6 percent fall and the finance ministry's forecast of a 1.5 percent drop.
In July, Morgan Stanley upgraded its forecast for South Korea's economic growth in 2009 to -0.5 percent from -1.8 percent and to 5.0 percent from 3.8 percent in 2010.
Following are 2009 forecasts for the South Korean economy by major organisations, compiled by Reuters (percent growth from a year earlier unless stated otherwise):
GDP ^CPI ~C/A
International Monetary Fund (Aug 9) -1.8 1.7 25.6
Reuters poll (July 15) -1.7 2.8 =
Bank of Korea (July 10) -1.6 2.9 29.0
Finance Ministry (June 25) -1.5 below 3.0 25.0
OECD (June 24) -2.2 2.5 26.2
World Bank (June 22) -3.5~-3.0 = =
Korea Development Institute (May 14) -2.3 2.8 20.8
Asian Development Bank (March 31) -3.0 = =
Notes:
OECD - Organisation for Economic Co-operation and Development
^ average percentage growth in the consumer price index
~ current account balance in billion U.S. dollars
= no forecast
Dates in brackets show when the forecast was made.
(Reporting by Cheon Jong-woo; Editing by Jonathan Hopfner)
((jongwoo.cheon@thomsonreuters.com; +82 2 3704 5665; Reuters Messaging;jongwoo.cheon.reuters.com@reuters.net)) Keywords: KOREA ECONOMY/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The IMF raised its forecast for the country's 2009 economic growth to a contraction of 1.8 percent from a fall of 3.0 percent, which was an upgrade last month from a 4.0 percent drop seen previously.
That compares with the Bank of Korea's projection of a 1.6 percent fall and the finance ministry's forecast of a 1.5 percent drop.
In July, Morgan Stanley upgraded its forecast for South Korea's economic growth in 2009 to -0.5 percent from -1.8 percent and to 5.0 percent from 3.8 percent in 2010.
Following are 2009 forecasts for the South Korean economy by major organisations, compiled by Reuters (percent growth from a year earlier unless stated otherwise):
GDP ^CPI ~C/A
International Monetary Fund (Aug 9) -1.8 1.7 25.6
Reuters poll (July 15) -1.7 2.8 =
Bank of Korea (July 10) -1.6 2.9 29.0
Finance Ministry (June 25) -1.5 below 3.0 25.0
OECD (June 24) -2.2 2.5 26.2
World Bank (June 22) -3.5~-3.0 = =
Korea Development Institute (May 14) -2.3 2.8 20.8
Asian Development Bank (March 31) -3.0 = =
Notes:
OECD - Organisation for Economic Co-operation and Development
^ average percentage growth in the consumer price index
~ current account balance in billion U.S. dollars
= no forecast
Dates in brackets show when the forecast was made.
(Reporting by Cheon Jong-woo; Editing by Jonathan Hopfner)
((jongwoo.cheon@thomsonreuters.com; +82 2 3704 5665; Reuters Messaging;jongwoo.cheon.reuters.com@reuters.net)) Keywords: KOREA ECONOMY/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.