The International Monetary Fund on Jan. 19 released a forecast saying the Korean economy will grow 1.9% this year, up a tenth of a percentage point from that of its previous outlook in October last year. (Yonhap News)

By Yoo Yeon Gyeong

The International Monetary Fund (IMF) on Jan. 19 raised its growth forecast for the Korean economy this year to 1.9%.

The IMF's World Economic Outlook published the same day noted the upgrade of a tenth of a percentage point from the projection of 1.8% in its previous edition in October last year, the Ministry of Economy and Finance said.

Since July last year, the IMF has kept raising its growth forecast for the Korean economy. The ministry said the latest forecast is higher than the average 1.8% of advanced economies.

Domestic reports cited as the reason for the upgrade Korea's robust semiconductor exports backed by stronger demand in the sector and economic recovery that began in the third quarter of last year.

The IMF releases economic forecasts for all member countries every April and October and revised projections for 30 major economies every January and July.

dusrud21@korea.kr