Container terminal at Gwangyang Port in Gwangyang, Jeollanam-do Province (Yeosu Gwangyang Port Authority)

By Kang Gahui

Forecasts of Korea's 2026 economic growth by major foreign investment banks has risen to the 3% range for the first time this year thanks to record-setting semiconductor exports.

The Korea Center for International Finance on July 7 said this based in a survey of the projections by eight such banks.

The average prediction steadily increased from 2% late last year to 2.1% in January, 2.4% in April, 2.8% in May and 3% last month. The three consecutive months of upward revision resulted in a cumulative hike of one percentage point over the past six months.

By institution, JPMorgan made the largest hike from 3% to 3.7% last month, followed by Citibank (3% to 3.5%).

Barclays raised its forecast from 2.6% to 2.7%, Goldman Sachs from 2.5% to 2.7% and HSBC from 2.6% to 2.8%.

Those sticking to projections from the previous month were Bank of America (3.1%), Nomura (2.4%) and UBS (2.8%).

kgh89@korea.kr