The International Monetary Fund (IMF) has upgraded its growth forecast for South Korea to three percent for both this year and next year. 

The IMF released the revised outlook in its World Economic Outlook report on Tuesday. The previous estimate was two-point-seven percent for 2017 and two-point-eight percent for 2018.

The upward revision is based on the prediction that the recovery in the global economy will continue at a faster pace on increases in global trade and investment and industrial production.

The IMF projected the global economy will expand three-point-six percent this year and three-point-seven percent next year, up one tenth of a percentage point respectively from its previous estimate in April.