South Korea lowers growth estimates for 2015
In addition to weaker demand, the weak yen, higher interest rates in the US as well as companies’ reluctance to make investments caused the government to lower their growth estimates. The government expects exports to climb 3.7% next year and inflation to be 2% in 2015 from a previously estimated rate of 2.3%.
On December 11, the Bank of Korea left its seven-day repurchase rate at a record low of 2% in order to measure the effects of their previous two rate cuts on the economy. The Bank had cut its interest rates in August and October. In the third quarter of this year, South Korea’s economy had expanded by 3.2% on a yearly basis.
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