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BOK Revises This Year’s Economic Forecast Upward

The Bank of Korea (BOK) revised the growth outlook for the Korean economy this year upward from 2.6 percent to 2.8 percent, according to BOK Governor Kim Choong-soo at a press conference last week.

The growth outlook is higher than the Korean government’s forecast (2.7 percent), released last month, by 0.1 percentage points.

The BOK forecast the real gross domestic product (GDP) for this year to grow by 2.8 percent. This is 0.2 percentage points higher than April’s 2.6 percent.

The BOK took into consideration the effects of a lowered benchmark interest rate and revised supplementary budget.

The growth forecast for next year was also raised from 3.8 percent to 4.0 percent. The BOK expects the consumer price to increase by 1.7 percent and 2.9 percent this year and next year, respectively.

The revised growth outlook by the BOK has been predicted.

At a press conference after a meeting of the Monetary Policy Committee last month, Governor Kim said that the growth rate forecast for this year and next year will be improved by 0.2 percentage points and 0.3 percentage points due to a reduced interest rate in May and revised supplementary budget.

He also noted, at the meeting of the Stability and Finance Committee last month, that if the Korean economy continues to grow at a 0.8 rate in the second quarter of this year, the Korean economy will be able to reach 3 percent growth.

Source Text

Source: Newsis (July 11, 2013)

** This article was translated from the Korean.

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