Menu Content

Economy

BOK Lowers S. Korea's 2020 Growth Outlook to 2.1%

Write: 2020-02-27 14:55:08Update: 2020-02-27 18:58:52

Photo : YONHAP News

The Bank of Korea has marked down this year’s economic growth outlook for the nation from two-point-three percent to two-point-one percent. 

In its economic growth outlook report released on Thursday, the central bank forecast that growth in the nation’s economy will see temporary contraction due to the COVID-19 outbreak. 

The bank predicted that the impact from the virus would be temporary. It projected that growth will gradually improve with a recovery in private consumption, exports and facility investments, as well as an implementation of expansionary policies.

BOK Governor Lee Ju-yeol said Thursday's rate freeze and lowered growth outlook were based on the scenario that the outbreak will likely stabilize after peaking in March.

Editor's Pick

Close

This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >