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Economy

South Korea upgrades GDP growth forecast to 4%, fastest in decade

Central bank holds key rate at 0.5% but vows 'not to be late' on normalizing

South Korea's central bank sees the economy growing at its fastest clip since 2010 thanks in part to brisk exports.   © Reuters

SEOUL -- South Korea's central bank on Thursday upgraded its economic growth forecast for this year to 4%, reflecting a speedy recovery in exports and corporate investment as well as improvements in private consumption and employment.

The new forecast is in line with a target set by President Moon Jae-in earlier this month, and would be the economy's fastest pace of expansion since the 6.8% jump logged for 2010.

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