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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: IMF upgrades South Korea economy forecast Reuters - Monday, August 10 SEOUL, Aug 9 - The IMF upgraded its 2009 economic forecast for South Korea for the second time in a month on Sunday, and said concerns about rising housing prices can be best addressed with prudent regulations. ADVERTISEMENT The International Monetary Fund also said in a report released after its annual policy review that the country's economic policy should continue to support growth until Asia's fourth-largest economy secures a self-sustained recovery. The comments came as domestic bond yields have risen on speculation among investors that the recovering economy from the crisis and the rising housing prices would persuade the central bank to start to lift interest rates soon. "While a moderate recovery is likely to take hold next year, in line with global growth prospects, the possibility of another bout of global risk aversion poses a downside risk," it said. "Accordingly, Directors agreed that macroeconomic policies should continue to focus on supporting growth until a self-sustained recovery is firmly established." The IMF raised its forecast for South Korea's 2009 economic growth to a contraction of 1.8 percent from a fall of 3.0 percent, which was an upgrade last month from a 4.0 percent drop seen previously. It praised South Korea's swift implementation of a series of emergency schemes aimed at protecting the local economy since the collapse of Lehman Brothers in mid-September sent the global economy plunging into the worst downturn in decades. It advised South Korea to deal with the rising housing prices with regulatory measures. "While vigilant monitoring of monetary conditions continues to be necessary, with their impact on asset prices taken into account in monetary policy deliberations, concerns about rising house prices are best addressed through prudential regulations, pending housing market reforms." South Korean housing prices rose for a fourth consecutive month in July, data showed early this month, just a few weeks after the central bank expressed his concerns about the fast growth in mortgage lending. [ID:nSEO170998] [ID:nSEO168776] The Bank of Korea held the benchmark interest rate steady at a record low of 2.0 percent for the past five consecutive months after cutting the 7-day repurchase agreement rate by a total of 3.25 percentage points since October last year. It next reviews the rate on Tuesday. For next year, the IMF maintained its view that the economy would return to growth with a 2.5 percent expansion. This compares with the Bank of Korea's projection of a 1.6 percent fall and the finance ministry's forecast of a 1.5 percent drop. Private-sector economists have also rushed to upgrade their forecasts, with Morgan Stanley now predicting a 0.5 percent fall. In July, Morgan Stanley upgraded its forecast for South Korea's economic growth in 2009 to -0.5 percent from -1.8 percent and to 5.0 percent from 3.8 percent in 2010. (Reporting by Seo Eun-kyung and Yoo Choonsik; Editing by Mike Nesbit) Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Market rally, economic growth depend on consumerAP - Monday, August 10 Fed likely to keep key interest rate at record lowAP - Monday, August 10 IMF upgrades South Korea economy forecastReuters - Monday, August 10 Rio Tinto spied on China for 6 years: state bureauAFP - Monday, August 10 Related Articles: Business 'G.I. Joe' easily wins box office battleReuters - Monday, August 10 IMF upgrades South Korea economy forecastReuters - Monday, August 10 Libya, India's Essar bid for Shell's UK refinery -reportsReuters - Monday, August 10 Rally's fate up to shoppers, FedReuters - Monday, August 10 RPT-Wall St Week Ahead: Rally's fate up to shoppers, FedReuters - Monday, August 10 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Scientists decode HIV genome structure: study Three new bank failures bring to 72 number of collapsed US banks Taiwan's Jay Chou goes to Hollywood: report Manson murders back in spotlight 40 years on Explosions at besieged 'terror hideout' in Indonesia View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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