Bank of Korea forecasts GDP will contract by 1.3%
Central bank leaves interest rates on hold but says growth outlook remains uncertain
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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