The ASEAN+3 Macroeconomic Research Office (AMRO) has raised its economic growth forecast for Korea to 3.3% this year. Shown are the projected growth and consumer inflation rates for major economies in the October update to AMRO's ASEAN+3 Regional Economic Outlook (AREO). (Screen capture of update)
By Hong Angie
The ASEAN+3 (Association of Southeast Asian Nations Plus Three) Macroeconomic Research Office (AMRO) has raised its growth forecast for Korea this year by two-tenths of a percentage point to 3.3%.
In an October update to its ASEAN+3 Regional Economic Outlook released on Oct. 5, the Singapore-based AMRO also raised Korea's projection for next year from 2.2% to 2.7%.
This was the second consecutive quarter for AMRO to raise its prediction for Korea, following one in July. The figure aligns with the Bank of Korea's forecast of 3.3% while slightly lower than the Organisation for Economic Co-operation and Development's 3.7%.
AMRO also raised its projection for Korea's consumer inflation this year to 2.7%, up a tenth of a point from July 1, and slightly lowered its projection for all of next year to 2.3%.
While higher demand related to artificial intelligence is driving economic growth, the organization said external downside risks loom large like rising commodity prices stemming from the Middle East conflict and shifts in the monetary policies of major economies.
shong9412@korea.kr