The International Monetary Fund (IMF) on Tuesday revised up its growth outlook on South Korea from the earlier 4.5 percent to 5.75 percent, attributing it to government- led stimulus measures and improving global trade conditions.
The international organization added that the country will likely see a gain of 5 percent in 2011.
The forecast is in line with a series of local expectations, among which the Seoul government said that the economy will grow by 5.8 percent this year.
"The Korean economy has staged an impressive recovery since early 2009 thanks to the authorities' supportive macroeconomic and financial policies, and the normalization in global trade," the IMF said in a statement, citing a rebound in fixed investment and an increase in net exports.
The revision came as a result of the organization's two-week visit to Seoul to assess the country's latest economic conditions./.