Bank of Korea foresees long road to recovery

Bank of Korea, Seoul

The Bank of Korea today (January 11) published a report on the domestic economic outlook, and issued a statement announcing its decision to hold interest rates at 2.75%. Both documents forecast a slow but steady recovery in 2013.

"The Korean economy will recover gradually, but its pace of recovery is expected to be modest," the outlook report said. The central bank predicted growth of 2.8% for 2013 as a whole, rising from 1.9% year-on-year in the first half of the year to 3.5% in the second.


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