The Bank of Korea raises its forecast for domestic economic growth to 1%
The South Korean Central Bank raised its forecast for domestic economic growth to 1% during the current year, amid a recovery in consumption and strong exports.
The adjustment made by the central bank, according to the South Korean news agency “Yonhap”, today, Thursday, represents an increase of 0.1 percentage points from its previous forecast of 0.9%, which it issued in August. It also raised its growth forecast to 1.8% from its previous forecast of 1.8%. 1.6% for next year.
The International Monetary Fund had expected the Korean economy to grow by 1.9% for the current year and 1.8% for next year, while the Organization for Economic Cooperation and Development expected growth of 1% and 2.2% for the current and next years, respectively.
Based on these estimates, the Central Bank of South Korea kept the key interest rate unchanged at 2.5%, Emphasizing the importance of financial stability in light of the weakness of the local currency and the instability of the real estate market.
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