Bank of Korea forecasts GDP will contract by 1.3%

The Bank of Korea

The Bank of Korea cut its 2020 growth forecast at its latest monetary policy meeting on August 26, leaving interest rates on hold at 0.5%.

Since the start of the year, the South Korean central bank has reduced interest rates by 75 basis points from 1.25% to 0.5%. The Bank of Korea’s monetary policy committee last reduced interest rates at its May meeting.

It now expects GDP to contract 1.3% in 2020, instead of the 0.2% forecast in May. It also raised its 2020 inflation forecast from 0.3% to 0

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