The Bank of Korea(BOK) is expecting that the South Korean economy will grow two-point-eight percent, up zero-point-two percentage points from its previous outlook.
 
Following the monetary policy committee's decision to keep the interest rate at one-point-25 percent, BOK Governor Lee Ju-yeol on Thursday held a news conference to present the upbeat growth forecast for this year. 

Citing a significant increase in exports, the governor predicted that the Korean economy will withstand trade and geopolitical uncertainties and stay on a sound growth track. 

He hinted the yearly gross domestic product growth could be greater, noting that the growth figure does not reflect the impact of the supplementary budget the government is seeking to launch.
 
The BOK outlook is the same as the prediction from the Korea Institute of Finance, but two or three percentage points higher than those from the Korea Development Institute, the LG Economic Research Institute and the Hyundai Research Institute.

The revision comes three months after the BOK’s previous zero-point-one percent raise in April. This marks the first time since 2010 that the central bank has upgraded the economic growth rate twice in one year.