The Korea Institute of Finance(KIF) has upwardly revised its growth outlook for the South Korean economy this year on the back of increasing exports amid a continuing global economic recovery.
 
On Tuesday, the think tank forecast the local economy will grow three percent this year, up zero-point-two percentage points from its previous outlook.
 
The KIF also predicted that the nation’s economic growth will be further bolstered once an eleven-trillion-won supplementary budget is executed in the second half of this year, and the government’s mid and long-term economic policies take shape.
 
However, it warned that economic progress could be hindered by a slump in domestic private consumption and the economy’s heavy dependence on the volatile construction industry as a growth engine.
 
The KIF’s outlook is the same as the prediction from the government, which was announced last Tuesday. But forecasts from the Bank of Korea, other domestic economic institutes and international financial organizations range between two-point-six percent to two-point-nine percent.