The Asian Development Bank(ADB) has raised its outlook for South Korea’s growth this year to three-point-five percent. 

The institution released the revision on Wednesday, raising the outlook for the country by zero-point-two percentage points from December. 

South Korea’s growth rate for next year was projected at three-point-one percent. 

ADB cited expansionary fiscal and monetary policies and export growth driven by growing demand for semiconductors and information and telecommunication devices as grounds for optimism for the country as well as the Korean New Deal initiative and measures to boost consumption. 

Average growth for the 46 developing Asian member countries was estimated to be seven-point-three percent for this year, up by a half percentage point.