Xinhua
25 May 2023, 08:14 GMT+10
SEOUL, May 25 (Xinhua) -- South Korea's central bank on Thursday lowered its 2023 economic growth outlook by 0.2 percentage points amid the rising worry about an economic downturn.
After the rate-setting meeting, the Bank of Korea (BOK) said the economy was forecast to grow 1.4 percent in 2023, down from 1.6 percent estimated in February.
It was lower than the growth forecast of 1.5 percent from the local state-run Korea Development Institute (KDI), the Asian Development Bank (ADB) and the International Monetary Fund (IMF).
The downward revision was mainly caused by the sluggishness of export, which continued to decline for the seventh consecutive month through April.
The BOK predicted the Asian economy to gain 2.3 percent in 2024, down from the previous estimate of 2.4 percent.
Outlook for this year's headline inflation was unchanged at 3.5 percent, but the forecast for next year's consumer price inflation was revised to 2.4 percent from the previous 2.6 percent.
Get a daily dose of Shanghai Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Shanghai Sun.
More InformationMOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
The IPO boom is breathing new life into Hong Kong's capital market, not only helping companies tap international opportunities, but...
New Delhi [India], July 8 (ANI): Karnataka Deputy Chief Minister DK Shivakumar, who also handles the state's Irrigation portfolio,...