S Korean growth outlook upgraded

SEOUL: The International Monetary Fund said on Tuesday it expects the South Korean economy to grow 3.2 percent this year, higher than its September projection of 3 percent.

"The cyclical recovery is expected to continue. GDP growth is projected at 3.2 percent in 2017, as the momentum in the first three quarters continues," the IMF said in a statement concluding its annual review of the South Korean economy.

The IMF team led by Tarhan Feyzioglu said fiscal policies still needed to be "significantly more expansionary" to support growth, by spending more on social policies and structural reforms.