[Economy 365]
Major overseas investment banks are successively raising their economic growth forecasts for South Korea.
According to the Korea Center for International Finance, the real growth rate for South Korea this year projected by eight major investment banks averaged 3.5%, up 0.2 percentage points from a month ago.
The forecasts have been revised upward for six consecutive months since April, and all eight banks expect growth in the 3% range.
JPMorgan was the only one to project 4%, while UBS, Bank of America, and Citi also raised their forecasts.
As the semiconductor export boom is increasingly likely to continue into next year, six out of the eight banks also raised their growth forecasts for next year.
The average forecast stands at 2.8%, closing in on the Bank of Korea's forecast of 2.9%.
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