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Biz News Korea(Eng)
Bank of Korea cuts ’16 growth forecast to 2.7% from 2.8%
- Collected
- 2016.07.15
- Distributed
- 2016.07.18
- Source
- Go Direct
The Korean economy has been underperforming its growth potential of around 3 percent since 2012 after brief rebound over 3 percent in 2014. Last year, it grew 2.6 percent on annualized rate, slowest since 2012.
The Bank of Korea in June stunned the market with its first cut in a year to push the policy rate to a fresh record low of 1.25 percent to pre-empt further dent in domestic demand from restructuring in shipbuilders and other ailing industries and escalated uncertainties on the global front.
On Thursday, it kept the base rate steady, saying signs for the economy are mixed with slight recovery in domestic demand and easing in the slowdown in exports.
The BOK Governor Lee Ju-yeol predicted the recovery pace could be maintained through the mix of expansionary policies. He said the British break from EU won’t affect Korea’s trade with Britain and the EU greatly.
By Chung Ui-hyun and Boo Jang-won
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