SEOUL, June 7 (UPI) -- The International Monetary Fund will hold its generally optimistic forecast for South Korea's economic growth this year at 4 percent.
That figure matches the Bank of Korea's estimate but is lower than the government's 5 percent, the Korea Times reported Tuesday.
An IMF spokesman said Monday the group is convinced an economic recovery is under way in South Korea as most households are now in a position where they can begin to spend again.
"Private consumption increased modestly in the fourth quarter of last year, the first such increase in nearly two years after the economy has been undergoing a period of adjustment," the IMF said.
It added private consumption accelerated further in the first quarter of 2005 to a rate that was better than they had expected.
