Svmuu News: On Tuesday, the South Korean government raised its economic growth forecast for 2026 to 3%, up 1 percentage point from its previous projection, citing a “supercycle” in the semiconductor industry and reduced uncertainty related to the situation in the Middle East. The South Korean Ministry of Economy and Finance released its economic policy plan for the second half of 2026; its growth forecast exceeds the 2.6% projections previously issued by the International Monetary Fund, the Organization for Economic Cooperation and Development, and the Asian Development Bank.
Lee Hyoung-il, First Vice Minister of Finance, stated: “I believe the forecasts from other institutions were based on data from March and April, whereas our assessment is based on the latest data. Key changes include strong export growth driven by the boom in the semiconductor industry. Furthermore, the situation in the Middle East has eased further since then.” (Jin Shi)