Korea's growth could exceed IMF projection: finance minister

Bangkok — South Korea's economic growth may surpass projections by international bodies such as the International Monetary Fund (IMF), the finance minister has indicated, citing strong export figures and infrastructure investment data. Finance Minister Lee Hyoung-il conveyed this optimistic outlook during a press conference in Bangkok on Friday, following his attendance at the IMF and World Bank Group's Annual Meetings in the Thai capital last week.

This marked Lee's inaugural appearance at such a significant global gathering since assuming office last month.

Lee's comments were in response to the IMF's recent forecast, which now predicts South Korea's economy to expand by 3.3 percent in 2023, an increase of 0.7 percentage points from its July prediction due to the ongoing global semiconductor boom. "I believe exports and facility investment remained robust in the third quarter," Lee stated. "If this trend continues, we think growth could exceed the 3.3 percent projected by the IMF," he added.

Lee further suggested that growth rates could potentially extend into the mid-3 percent range, assuming there are no new external events that significantly disrupt the economy.