RTTNews - Tuesday, the International Monetary Fund or IMF raised its outlook for South Korea, saying that the stimulus measures implemented by the country's government helped to curb its economic downturn.

The IMF now forecasts the economy to contract 3% this year, revised up from a 4% shrinkage it predicted in April.

The IMF outlook is still worse than a 1.5% contraction predicted by the South Korean government in June.

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