The Bank of Korea(BOK) has upwardly revised its 2024 growth forecast for the country from two-point-one percent to two-point-five percent. 

The central bank said on Thursday that the economy is expected to expand two-point-five percent in 2024, zero-point-four percentage points higher than the February outlook. 

The BOK appears to have upgraded its outlook as the economy grew one-point-three percent quarter-on-quarter in the first three months of this year to beat market expectations amid strong chip exports.

The BOK’s revised outlook is higher than the two-point-three percent forecast by the International Monetary Fund, but lower than the two-point-six percent forecast by the Organization for Economic Cooperation and Development and the Korea Development Institute.

The central bank, however, downgraded its growth outlook for 2025 from two-point-three percent to two-point-one percent.