International Monetary Fund sees Hungaryʼs GDP growth slowing in 2019

All EU economies are growing turning the continent into an engine of global trade

All EU economies are growing turning the continent into an engine of global trade

The International Monetary Fund (IMF) on Tuesday revised up South Korea's 2017 growth outlook by 0.2 percentage points to 3.2 percent, South Korean finance ministry said.

This year's growth outlook was revised up to 3.2 percent from 3.0 percent estimated by the global body in the previous month.

Ballistic missile tests by North Korea and its sixth and largest nuclear test on September 3 in defiance of U.N. Security council resolutions have been destabilising investor sentiment in the South Korean economy.

The IMF said South Korea's short-term growth outlook was enhanced despite the escalated geopolitical risks on the Korean Peninsula, saying the country's economic recovery was bolstered by accommodative monetary policy.

The IMF raised its 2017 GDP estimate to 3.2 percent from 3 percent projected in September.

It also forecast growth of around three percent in 2018.

Asked if interest rate hikes by the Bank of Korea would mean tightening, Feyzioglu said monetary policy would remain accommodative even after a couple of rate increases as the current policy rate is at a record-low of 1.25 percent.

Unemployment rate will reach 9.5% this year, 9.3% next year, and 8.8% in 2019.