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Bank of Korea may cut 2015 growth forecast

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/12/2014 (13:07)
The Bank of Korea (BOK) kept its benchmark interest rates unchanged on December 11 while also indicating that they may cut their growth forecast for 2015, according to media reports. The Bank left its seven-day repurchase rate at a record low of 2% in order to gauge the effects of their previous two rate cuts on the economy. The Bank had cut its interest rates in August and October.

The Bank added that it will be difficult to maintain its growth forecast of 3.9% for 2015 due to weak consumer and business sentiment in the country as well as disappointing data emerging from other global economies. The Bank is also considering lowering its inflation forecast because of lower oil prices and a weaker won against the dollar.

South Korea’s economy grew by 3.2% on a yearly basis in the third quarter of this year.
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