Korean economy to grow 2.7% in 2017: ADB

South Korea's economy is expected to grow 2.7 percent in 2017 from a year earlier, the Asian Development Bank said Thursday, revising up its previous outlook of 2.5 percent.

The bank cited abated political uncertainties following the inauguration of the new president, along with the improving global economy and revitalization of exports. 

"A sharp upswing in machinery and equipment outlays and persistently high construction growth helped boost gross domestic product growth overall, though consumption growth was modest," the ADB said in its report.

The ADB added Asia's fourth-largest economy will grow 2.7 percent on-year in 2018 as well.

South Korea's central bank also revised up its growth outlook for the country's economy this year to 2.8 percent from 2.6 percent earlier this month. (Yonhap)