A South Korean think tank says global economic growth probably hit bottom last year and is now on the upswing.

In a new report, the Institute for International Trade says worldwide trade volume and industrial output indicators appear to have bottomed out in the second quarter of 2016 and then began rising.

The institute, which is under the Korea International Trade Association(KITA), said even in terms of monetary trade volume, sharp on-year gains have been posted in advanced as well as developing nations since the fourth quarter of last year.

The report cites the composite leading index in predicting the global recovery trend will continue for the time being.