South Korea maintains key rate, cuts growth forecast for 2015
Following the rate decision, the bank also lowered its inflation and economic growth estimates for 2015. The BOK cut its growth forecast from 3.9% to 3.4% for this year. In October the bank had lowered its growth forecast to 3.9% from a previous estimation of 4% because of slowing domestic demand and lower exports. In addition, the central bank predicted that inflation would ease to 1.9% from a previous estimate of 2.4%.
In December, South Korea’s exports rose 3.7% on the year to beat economists’ estimates, which called for a 0.1% increase in a survey by Bloomberg. In November, the country’s factory output decreased 3.4% to post the biggest drop since January 2014.
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