Bank of Korea leaves rates at record low, cuts growth forecast
In addition to MERS, the slowing Chinese economy, which is South Korea’s largest export market and the ongoing Greek debt crisis also helped generate uncertainty in South Korea’s economy. The country’s overseas sales declined 1.8% on the year in June while industrial output fell 2.8% in May from a year earlier.
Meanwhile, the central bank cuts its growth forecast for 2015 to 2.8% from the previously estimated growth rate of 3.1% in April while it kept its inflation estimate stable at 0.9%.
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