Korea likely to achieve 3% economic growth this year

South Korea will be able to achieve this year's growth target of 3 percent, barring any sudden economic volatility in the fourth quarter, the country's finance minister said at a parliamentary session Monday.

Kim Dong-yeon's view is in line with growth outlooks by the Bank of Korea and the International Monetary Fund.

In October, the BOK raised its growth forecast for South Korea's gross domestic product to 3 percent for 2017, up 0.2 percentage point from its earlier estimate.

(Yonhap)

The IMF has also adjusted South Korea's GDP growth to 3 percent, up 0.3 percentage point from its April estimate, citing the general recovery in global trade.

In the July-September period, South Korea's GDP advanced a solid 1.4 percent from the previous quarter, a level of increase that suggests South Korea is on track to meet or surpass its target of 3 percent growth.

The BOK forecast the country's annual economic growth may reach 3.15 percent if the economy expands only 0.20 percent in the fourth quarter. Economic growth of 0.92 percent in the October-December period would translate to an annual increase of 3.35 percent, according to the central bank.

Kim also vowed to make a concerted effort to achieve 3 percent economic expansion next year. (Yonhap)