S. Korea's growth could exceed IMF projection: finance minister

South Korea's finance minister, Lee Hyoung-il, suggested during a recent meeting in Bangkok that the country's economic growth could surpass international projections, including those from the International Monetary Fund (IMF). Speaking at the IMF and World Bank Group's Annual Meetings, Lee cited strong exports and infrastructure investment as factors contributing to this potential growth.

The IMF had previously predicted a 3.3% growth rate for South Korea in 2023, increasing their forecast by 0.7 percentage points from the July projection due to the global semiconductor boom. Lee stated that if export and facility investment trends remain robust, the country's growth could exceed the IMF's projection, possibly reaching the mid-3% range, which he defined as between 3.4% and 3.6%.

The minister also noted that South Korea's growth rate may soon rebound, given the current trends and the economy's potential for growth. During the event, Lee met with various officials, including representatives from credit rating agencies and multilateral development banks, who all offered positive assessments of South Korea's economic growth.

The finance minister mentioned that addressing income disparities would be a key focus in sustaining growth momentum, as it is linked to income gaps, regional disparities, and disparities across businesses. Lee suggested that the government should implement social policies in three key areas: housing, jobs, and financial services for vulnerable groups.

He also hinted at the possibility of increasing the frequency of the government's economic forecasts from twice to three times a year, anticipating that the ministry may provide additional updates each year.