Financial group predicts strong local growth for 2018

The Institute of International Finance, a global association of financial institutions, raised its growth prediction for Korea’s economy in 2018 from 2.9 percent to 3 percent in its latest report on Tuesday.

The institution cited the stable pace of growth this year and the country’s strong exports and investment.

The Bank of Korea said last month that the county’s gross domestic product (GDP) increased 1.1 percent between January and March compared to the fourth quarter of last year. The economy grew 2.8 percent when compared to the first quarter of 2017.

The global institution also expected Korea’s central bank to push up its key interest rate in the fourth quarter.

By Park Eun-jee