South Korea's economy is projected to grow 2.7% this year, as compared to 2.3% forecasted in March, as the government expects stimulus efforts to start taking effect on a full scale later in the year. According to the Ministry of Strategy and Finance, the country revised up its growth projection for this year and registered a record-high monthly current account surplus, indicating the resilience as well as the impact of stimulus on the economy.
The strong exports assisted balloon the current-account surplus to USD 8.64bn in May, which was the biggest monthly amount on record and more than double than April. The country’s economy is likely to gradually accelerate on improving external conditions and stimulus policy effects are starting in earnest.
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