The Washington-based International Monetary Fund (IMF) on April 6 maintained its economic growth outlook for Korea this year at 3.6%, a figure still higher than the forecasts of the OECD (3.3%) and the Bank of Korea (3.0%). (Yonhap News)

By Oh Hyun Woo and Lee Hana

The International Monetary Fund (IMF) has maintained its forecast for Korea's economic growth this year at 3.6%.

The Ministry of Economy and Finance on April 6 said the IMF released this figure in the fund's World Economic Outlook posted the same day. The figures remain unchanged from the IMF's estimate made on March 26.

Despite no change, the fund's forecast is half a percentage point higher than its January estimate and more than those of the Organisation for Economic Cooperation and Development (3.3%) and the Bank of Korea (3.0%).

"The upgrade reflects recent economic trends like increased exports stemming from the recovery of major economies and the effect of the supplementary budget," the ministry said.

With Korea's GDP in 2019 serving as a benchmark of 100, the nation's GDP this year is estimated at 102.6, exceeding pre-COVID-19 levels.

Among the Group of 20 economies, only the U.S. (102.7), Korea and Australia (102.0) are expected to see their GDPs recover this year to 2019 levels.

The IMF raised its forecast for global economic growth to 6.0% this year, 50 basis points higher than its January estimate of 5.5%. 

Deputy Prime Minister and Minister of Economic and Finance Hong Nam-ki said in a message on his Facebook page, "It's worth noting that the IMF positively evaluated the Biden administration's stimulus plan and mentioned its great ripple effect on its major trading partners," adding, "With exports to the U.S. accounting for 15% of Korea's total, the strong recovery of the U.S. economy will provide favorable conditions for our own economic recovery." 

hyunw54@korea.kr