Finance Minister Lee Hyoung-il said South Korea's growth is projected at around 3% this year, supported by solid chip exports and higher facility investment, with momentum expected to strengthen over the medium to long term. On the sidelines of the IMF and World Bank Group meetings in Bangkok, he briefed Moody's, Fitch and S&P Global Ratings on government-led growth initiatives, including three megaprojects, the green transition and the Future Fund launching next year. The rating agencies were keen to know how the government will use strong tax revenues from the chip supercycle, and noted stable economic indicators and sound public finances despite population aging and the war in the Middle East. Lee also signed memorandums of understanding with multilateral development banks, including EBRD and CABEI, to enhance cooperation on AI.
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