The International Monetary Fund raised its forecast for South Korea’s economic growth this year to 2.7 percent, driven by signs of a turnaround in the global economy.

The latest forecast is up 0.1 percentage point from the 2.6 percent growth the agency estimated in its G-20 Surveillance Note in March.

It is also higher than the Korean government and the central bank’s 2.6 percent projection.

For 2018, it maintained its earlier prediction of 2.8 percent.

The organization also projected rosy or steady growth outlook for the US and China.

But it noted that uncertainties such as trade protectionism and a faster US rate hike would continue to linger this year.