SEOUL, May 16 (Xinhua) -- South Korea's state-run think tank on Thursday revised up the Asian economy's growth outlook for this year by 0.4 percentage points.
Real gross domestic product (GDP), adjusted for inflation, was forecast to expand 2.6 percent in 2024, according to the Korea Development Institute (KDI).
It was up 0.4 percentage points compared to the previous estimate unveiled three months earlier.
The KDI forecast was equivalent to the estimate from the Organization for Economic Cooperation and Development.
The real GDP advanced 1.3 percent in the January-March quarter compared to the previous quarter, beating market expectations.
The country's finance ministry and the central bank were expected to upgrade their growth forecasts later this year given the better-than-expected GDP in the first quarter.
Export was predicted to increase 5.6 percent this year, higher than the previous growth expectation of 4.7 percent.
Private consumption and facility investment were projected to rise 1.8 percent and 2.2 percent, respectively, but construction investment was forecast to decrease 1.4 percent in 2024.
Outlook for headline inflation was set at 2.6 percent this year. Enditem
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