Tue, 07 Dec 2021

SEOUL, Nov. 25 (Xinhua) -- South Korea's central bank on Thursday expected the real gross domestic product (GDP), adjusted for inflation, to grow 4.0 percent this year.

The 2021 outlook was unchanged from the Bank of Korea (BOK)'s previous forecast unveiled three months earlier.

The BOK raised its outlook for this year's headline inflation by 0.2 percentage points to 2.3 percent.

The central bank forecast that the real GDP would expand 3.0 percent in 2022 and 2.5 percent in 2023.

The outlook for headline inflation was set at 2.0 percent for 2022 and 1.7 percent for 2023.

The revised outlook was announced after the BOK lifted its benchmark interest rate by 25 basis points to 1 percent.

It followed the policy rate hike in August from a record low of 0.50 percent to 0.75 percent.

More South Korea News

Access More

Sign up for South Korea News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!