The International Monetary Fund forecasts Korea to surpass the $40,000 GDP per capita mark by 2029, pushing back the achievement by two years in only six months since its last estimate.
Worldwide economic output will slow in the months ahead as U.S. President Donald Trump's steep tariffs on virtually all trading partners begin to bite, the International Monetary Fund said on Tuesday.
The International Monetary Fund cut Korea's economic growth forecast in half from 2 percent to 1 percent in its latest outlook, pointing to growing global uncertainty over U.S. trade policies.
The Asean+3 Research Office joined other Korean and overseas institutions in downgrading the country's GDP growth this year, hacking off 0.3 percent for a 1.6 percent projection.
The International Monetary Fund cut its forecast for Korea's economy in 2025 by 0.2 percentage points to 2 percent, still more optimistic than Seoul's Ministry of Economy and Finance.
How the president axes regulations will be closely watched.
The IMF has revised its growth forecast for Korea to 2.2 percent for this year and 2 percent next year, citing risks from a shrinking population while urging structural reforms for sustained economic growth.
The International Monetary Fund raised Korea's economic growth forecast to 2.5 percent and maintained its global growth projection at 3.2 percent.
The OECD raised Korea's growth forecast to 2.6 percent due to strong chip demand and rebounding exports.
The International Monetary Fund's Asia director said the current exchange rate volatility does not pose a significant challenge to Korea, calling for the Bank of Korea to decouple from the U.S. Federal Reserve's monetary policy.
Korea JoongAng Daily Sitemap
