DECEMBERASIA BUSINESS OUTLOOK9NEWSROOMINDONESIA LOOKS TO BRAZIL TO EMPOWER THEIR AVIATION PROWESS"While inflation is around the Bank of Korea's target of 2 per cent, a gradual monetary policy normalization seems appropriate given high uncertainty," the IMF said in a statement, concluding its annual visit to the country.South Korea should continue to normalize monetary policy to provide support for shoring up economic activity even as headline inflation is easing, the International Monetary Fund said on Wednesday.It downgraded South Korea's 2024 growth forecast to 2.2 percent from 2.5 percent partially due to "a weak recovery of domestic demand," and also cut the forecast for next year to 2.0 percent from 2.2 percent.The Bank of Korea voted 6-1 to cut policy interest rates to 3.25 percent in October as uncertainties regarding the future path ofoutput increased, while headline inflation in September undershot the bank's 2 per cent target. The IMF is a global organization that works to achieve sustainable growth and prosperity for all of its 191 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being. The IMF is governed by and accountable to its member countries. Brazilian planemaker Embraer announced on Sunday that it has signed a memorandum of understanding (MoU) with Indonesia's PT Dirgantara Indonesia (PTDI) to expand their collaboration in commercial aviation. Embraer, the world's third-largest aircraft manufacturer, following Airbus and Boeing, has a strong presence in Indonesia, where the Indonesian Air Force operates a fleet of A-29 Super Tucanos and where several Embraer executive jets are in use.The agreement was formalized on the sidelines of the G20 Summit in Rio de Janeiro, attended by key Indonesian authorities. The partnership will focus on joint studies to explore opportunities in engineering and the supply of aero-structures, according to Embraer.PTDI President Gita Amperiawan expressed excitement over the collaboration, highlighting the company's ambitions for Indonesia's aerospace industry. Embraer executive Rodrigo Silva e Souza emphasized that Indonesia is one of the fastest-growing aviation markets in the world and that the partnership would leverage both parties' expertise to enhance Indonesia's aerospace capabilities and improve the country's air connectivity. IMF ADVISES SOUTH KOREA TO NORMALIZE ITS MONETARY POLICY
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