Bank of Korea Forecasts Economic Growth Rate of 2.4% and Inflation Rate of 2.5% This Year

Negative growth in the second quarter… revised downward by 0.1%p compared to three months ago,

Changyong Rhee, Governor of the Bank of Korea, presiding over the Monetary Policy Board meeting at the Bank of Korea in Jung-gu, Seoul, on the 22nd. Photo by Joint Press Corps,
, ‘The Bank of Korea has revised down its real gross domestic product (GDP) growth forecast for this year from 2.5% to 2.4%.’,
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, ‘In its revised economic outlook announced on the 22nd, the Bank of Korea lowered this year’s economic growth rate forecast to 2.4%, down 0.1 percentage points from its May forecast of 2.5%.\xa0’,
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, ‘The fact that the growth rate was -0.2% in the second quarter, followed by no significant improvement in domestic indicators in the third quarter, is considered to be a contributing factor.’,
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, ‘Previously, the Bank of Korea revised its forecast for this year from 2.3% in November 2022, to 2.4% in February of last year, 2.3% in May, 2.2% in August, 2.1% in November, and 2.5% in May of this year.’,
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, ‘The Bank of Korea’s forecast of 2.4% is lower than the government’s and the Organization for Economic Cooperation and Development (OECD)’s forecast of 2.6%, as well as the Korea Development Institute (KDI) and the International Monetary Fund (IMF)’s forecasts of 2.5%.’,
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, ‘The Bank of Korea also revised down its forecast for the consumer price index inflation rate for this year from 2.6% to 2.5%, a decrease of 0.1 percentage points.’,
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, ‘The Bank of Korea has been forecasting a continued trend of price growth moderation, expecting it to fall to around 2.4% on a monthly average in the latter half of this year.’,
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