IMF forecasts Korean economic growth of 3.1% this year… #1 among developed countries

Real GDP levels in major countries.  (2019=100) Source = Ministry of Strategy and Finance
Real GDP levels in major countries. (2019=100) Source = Ministry of Strategy and Finance

[이코노믹리뷰=정경진 기자] The International Monetary Fund (IMF) forecasts Korea’s economic outlook this year at 3.1%. This is the highest level among developed countries to be disclosed.

The IMF announced on the 26th (local time) that it has raised both to -1.1% in 2020 and 3.1% in 2021 through an amendment to the global economic outlook. This is the highest level in 11 developed countries where growth prospects are disclosed, and the negative impact of the novel coronavirus infection (Corona 19) on the real economy is minimized.

According to the IMF, the growth rate of 11 countries in 2020 is △Korea -1.1% △USA -3.4% △Japan -5.1% △Germany -5.4% △France -9.0% △Italy -9.2% △Spain -11.1%.

The combined growth rate from 2020 to 2021 was also found to be the highest among developed countries. This means the extent to which the real economy recovers to the level before Corona 19.

Korea’s combined growth rate was 2.0%, followed by US 1.5%, Japan –2.2%, Germany –2.1%, France –4.0%, Spain –5.9%, and Italy –6.5%.

The government said, “It reflects the high evaluation of Korea’s response in the process of overcoming Corona 19, such as K-prevention and active policy response.”

On this day, the IMF raised the global economic growth rate to 5.5% this year, with the prospect of strengthening economic recovery momentum in the second quarter by expanding the supply of vaccines and treatments. This is a 0.3 percentage point increase from October last year.

In the case of advanced countries, 4.3% and 6.3% in emerging developing countries were raised by 0.4 percentage points and 0.3 percentage points, respectively.

.Source