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South Korea’s central bank cuts 2023 economic growth outlook to 1.7 percent

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 South Korea s central bank cut its 2023 growth outlook for the economy on Thursday amid growing concerns about an economic downturn caused by rapidly rising interest rates The Bank of Korea BOK said after the rate setting meeting that the economy is forecast to grow 1 7 percent in 2023 down from 2 1 percent estimated in August The BOK estimate fell short of expectations of 2 percent from the International Monetary Fund IMF 1 8 percent from the Organization for Economic Co operation and Development OECD and 1 8 percent from the Institute of Economics Korea Development KDI The BOK predicted that the economy would expand 2 6 percent in 2022 unchanged from the previous estimate The outlook for headline inflation next year was revised down to 3 6 percent from 3 7 percent previously The forecast for consumer price inflation this year was lowered from 5 2 percent to 5 1 percent The BOK decided earlier in the day to raise its benchmark interest rate by 25 basis points to 3 25 percent delivering six consecutive rate hikes for the first time Xinhua
South Korea’s central bank cuts 2023 economic growth outlook to 1.7 percent

South Korea

South Korea‘s central bank cut its 2023 growth outlook for the economy on Thursday amid growing concerns about an economic downturn caused by rapidly rising interest rates.

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The Bank of Korea (BOK) said after the rate-setting meeting that the economy is forecast to grow 1.7 percent in 2023, down from 2.1 percent estimated in August.

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The BOK estimate fell short of expectations of 2 percent from the International Monetary Fund (IMF), 1.8 percent from the Organization for Economic Co-operation and Development (OECD) and 1.8 percent from the Institute of Economics. Korea Development (KDI).

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The BOK predicted that the economy would expand 2.6 percent in 2022, unchanged from the previous estimate.

The outlook for headline inflation next year was revised down to 3.6 percent from 3.7 percent previously.

The forecast for consumer price inflation this year was lowered from 5.2 percent to 5.1 percent.

The BOK decided earlier in the day to raise its benchmark interest rate by 25 basis points to 3.25 percent, delivering six consecutive rate hikes for the first time. ■

(Xinhua)

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