Pedestrians walk in the streets of Myeongdong, central Seoul, on April 29. [YONHAP]
Korea's economy will likely grow at a sharper-than-expected pace of 2.5 percent this year, thanks to strong exports led mainly by the semiconductor industry, a state-run think tank said Tuesday.
The revised projection by the Korea Institute for Industrial Economics & Trade (KIET) represents a 0.6 percentage point increase from its previous estimate of 1.9 percent growth presented late last year.
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Despite energy supply volatility caused by the U.S.-Israeli war against Iran, the think tank said it made an upward revision considering a continued increase in exports and investment sparked by the strong performance of the semiconductor and information technology sectors, and the government's expansionary fiscal policy.
