South Korean Deputy Prime Minister Yoo Il-ho visited Washington D.C. on April 22 (local time) for the G20 Financial Ministers and Central Bank Governors Meeting and the Spring Meetings of the IMF and the World Bank. There, he mentioned that the South Korean government is likely to adjust its national economic growth forecast for this year upward from 2.6%.
When it comes to renegotiations for the KORUS FTA, he remarked that the United States is expected to call for the renegotiations in one year or more. Bank of Korea Governor Lee Ju-yeol echoed by saying, “It seems the U.S. government is currently focusing more on NAFTA renegotiations than on KORUS FTA although its trade policy can change at any time.”
“In view of various factors, the South Korean government’s forecast for this year is likely to go up from 2.6% in spite of the presence of some external factors that can have a negative effect on the national economic growth,” the Deputy Prime Minister went on to say, continuing, “The Q1 growth rate, which is scheduled to be released on April 27, is predicted to be better than expectations.”