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BOK Forecasts Economic Growth Rates of 1.4% in 2023, 2.1% in 2024

Written: 2023-11-30 14:57:55Updated: 2023-11-30 15:09:26

BOK Forecasts Economic Growth Rates of 1.4% in 2023, 2.1% in 2024

Photo : YONHAP News

The Bank of Korea(BOK) has projected economic growth of one-point-four percent in 2023 and two-point-one percent in 2024 in its latest forecast.

In its “November 2023 Economic Outlook” released on Thursday, the central bank said this year’s growth rate is expected to remain in line with the August forecast, adding that the improvement trend will continue next year on the back of exports and facility investment.

However, it also noted that the growth rate will fall slightly below the previous forecast due to the weakening recovery of domestic demand.

In its August outlook, the BOK predicted the economy to grow by one-point-four percent this year and two-point-two percent next year.

Meanwhile, the central bank forecast inflation to reach three-point-six percent this year and two-point-six percent next year, up zero-point-one percentage point and zero-point-two percentage points, respectively, compared to the August outlook.

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