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SEOUL - The International Monetary Fund upgraded South Korea's 2021 growth forecast on Friday to 3.6% from 3.1% previously, supported by a rebound in tech exports and added fiscal stimulus.
The IMF also recommended further monetary easing as one of policy steps to take to guarantee the recovery is safe, although the government many need to tighten macroprudential policies to mitigate financial stability risks from ballooning household debt.
"Additional monetary policy support would help underpin the recovery and bring inflation closer to the BOK's target more quickly," the IMF said in a statement after its annual review of South Korea.
"More accommodative fiscal and monetary policy would help the economy normalize faster, sustain affected small businesses and bring discouraged workers back into the work force."
The latest projections from the IMF are higher than the Bank of Korea's, which foresee the economy expanding about 3%.
The 0.5 percentage point of upgrade comes as it sees growth in Asia's fourth largest economy to exceed its potential rate, thanks to a 14.9 trillion won ($13.15 billion) of supplementary budget approved by the National Assembly on Thursday.
($1 = 1,132.8400 won) REUTERS