Thursday June 25, 2009
SEOUL: The International Monetary Fund is likely next month to upgrade its growth outlook for South Korea and other emerging Asian economies as stability begins to return, a senior IMF economist said Wednesday. "We haven't finalised the new numbers (for emerging markets).
But it is very likely that many of the numbers are going to be revised upward on average by about one percentage point," Olivier Blanchard, senior IMF economic counsellor, told a conference co-hosted by the Seoul government and the World Bank. The economies due for an upgrade include South Korea, Thailand and Indonesia, Blanchard was quoted by Yonhap news agency as saying, adding that the outlooks for China and India will probably be maintained.
In April the IMF downgraded South Korea's 2010 growth projection to 1.5 percent from 4.2 percent earlier, while maintaining its forecast for this year of a 4 percent contraction. "The downgrade was due to a decrease in exports... but the fiscal stimulus and monetary policies taken by the authorities are taking effect, while the deprecation of the (local) currency helped," Blanchard said.
(AFP)
SEOUL: The International Monetary Fund is likely next month to upgrade its growth outlook for South Korea and other emerging Asian economies as stability begins to return, a senior IMF economist said Wednesday. "We haven't finalised the new numbers (for emerging markets).
But it is very likely that many of the numbers are going to be revised upward on average by about one percentage point," Olivier Blanchard, senior IMF economic counsellor, told a conference co-hosted by the Seoul government and the World Bank. The economies due for an upgrade include South Korea, Thailand and Indonesia, Blanchard was quoted by Yonhap news agency as saying, adding that the outlooks for China and India will probably be maintained.
In April the IMF downgraded South Korea's 2010 growth projection to 1.5 percent from 4.2 percent earlier, while maintaining its forecast for this year of a 4 percent contraction. "The downgrade was due to a decrease in exports... but the fiscal stimulus and monetary policies taken by the authorities are taking effect, while the deprecation of the (local) currency helped," Blanchard said.
(AFP)
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