The government has raised its growth forecast for this year to the four percent range amid the country's accelerating vaccination program, brisk exports and an expected uptick in consumption fueled by expansionist fiscal policy.

Announcing its economic policy direction for the year's second half on Monday, the government forecast four-point-two percent growth in gross domestic product(GDP) this year and three percent growth for next year.

The upgrade is one percentage point higher than the three-point-two percent projected in December. The government also predicts a sharper than expected rebound in private spending, employment and exports.

Consumption is expected to rise two-point-eight percent, thanks to various government incentives and the easing of distancing from July.

Outbound shipments are forecast to grow more than 18 percent to over 600 billion dollars this year, driven by a global economic recovery and higher demand for information technology and new industry sectors.

The government also forecasts the number of employed people to rise by 250-thousand, offsetting last year's decrease of 220-thousand. It predicts a 66-point-four percent employment rate for those aged 15 to 64.