Wrapping up a two-week visit, the International Monetary Fund said it expects Asia's fourth-largest economy to expand 3.2 percent this year, up from its earlier prediction of 3.0 percent.
The IMF's mission team to South Korea said the outlook for Asia's fourth-largest economy was improving despite elevated geopolitical tensions as global demand for its information technology products supported exports growth while private consumption was picking up.
The IMF delegation, which has held an annual meeting with the South Korean government from early this month, announced the meeting result and upgraded its growth forecast for the Asian economy, according to the Ministry of Strategy and Finance. The forecast for inflation in 2019 remained unchanged at 5%.
Venezuela-finally and officially-defaulted on its bonds
Permanent council members Russian Federation and China boycotted the meeting, as did non-permanent members Bolivia and Egypt. The ratings agency said the South American nation had failed to make $200m (£153m) in repayments on its foreign debt.
"This recovery in many countries of Europe is now increasingly solidifying and strengthening", said Jorg Decressin, deputy director of the IMF's European Department.
The IMF cited poverty of the elderly, unemployment of the younger generation, shortage of social safety net and a dual structure in the labor market as the reasons for the structural problems.
The country's central bank froze its benchmark interest rate at an all-time low of 1.25 percent since June past year.
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