The Asian Development Bank has revised up its outlook for South Korea s economy this year, citing growing chip exports and the government s fiscal support. The bank forecasts South Korea s economy to grow three-and-a-half percent in 2021, up from its earlier prediction of 3.3 percent in December.
Such an outlook exceeds some other major predictions 3.2 percent growth by the Korean government and 3.3 from the OECD.
The revision comes a day after South Korea posted outstanding GDP growth of one.six percent for the first three months of the year recovering back to its pre-pandemic level.
The Korean government s efforts to stir up consumption such as giving tax reductions for automobile purchases and giving monetary support to the public contributed to the positive outlook.
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