International credit rating agency Moody's has doubled its economic growth forecast for South Korea this year to 3.5% in just six months.

In a recent report, Moody's projected that South Korea's gross domestic product (GDP) will grow by 3.5% this year and 2.7% next year, driven by a semiconductor boom expected to continue at least through the middle of next year.

This figure is 0.3 percentage points higher than the 3.2% average growth forecast for this year by eight major investment banks as of the end of July.