S. Korea's central bank lowers 2023 growth outlook to 1.4 pct

Xinhua
25 May 2023, 12:44 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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.

More Information

17 ℃

Fair in Perth

International Business

Section

In first visit in 3 years, Elon Musk visit's Tesla plants in China

BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla ...

Nvidia joins ranks of major US businesses valued at over $1 trillion

SANTA CLARA, California: As investors piled more capital into Nvidia, the chipmaker that has become one of the biggest winners ...

Washington coordinates 14-country supply chain agreement

WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...

Georgian billionaire wins $926 million from Credit Suisse in fraud

ZURICH, Switzerland: In one of the largest legal awards ever against Credit Suisse, the bank was ordered to pay $926 ...

China, South Korea seek to expand cooperation in chip sector

DETROIT, Michigan: Amid broader global concerns over semiconductor chip supplies, sanctions and national security, Chinese commerce minister Wang Wentao said ...

Strong US Jobs Report Cheers Biden, Raises Questions for Fed

The labor market in the United States continued to defy expectations in May, adding 339,000 new jobs. The figure was ...

Australia

Section