s korea central bank raises inflation projection
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

S. Korea central bank raises inflation projection

Arab Today, arab today

Arab Today, arab today S. Korea central bank raises inflation projection

Seoul - AFP

South Korea's central bank Wednesday increased its inflation forecast for this year to a three-year high of 3.9 percent, raising the prospect of an early rise in interest rates. The Bank of Korea, in its revised economic outlook, maintained its December projection of 4.5 percent growth for Asia's fourth-largest economy in 2011. Gross domestic product grew 6.2 percent in 2010 after a 0.3 percent increase in 2009. The bank said the US economic recovery and an expansion in global trade are expected to offset the damage done by higher oil prices. But it raised its 2011 inflation forecast to 3.9 percent from a previous estimate of 3.5 percent. This was "mainly due to supply-side pressures like high oil prices and the outbreak of foot-and-mouth disease", it said in a statement. The growth forecast is the same as that made by the International Monetary Fund on Monday. But its inflation estimate is lower than the IMF's predicted 4.5 percent. South Korea is battling growing inflationary pressure, sparked by strong economic growth and rising oil and food prices. The bank said core inflation, which excludes oil and food prices, is expected to rise to 3.3 percent this year compared to its earlier estimate of 3.1 percent. Its revised outlook came one day after it froze the key interest rate at three percent. Analysts expect an increase in May to combat inflationary pressure. Separate figures released Wednesday showed that the unemployment rate rose in March from a year earlier, but that the number of newly created jobs grew sharply as the private sector continued to expand recruitment. The rate was 4.3 percent last month, up from 4.1 percent a year earlier but down from 4.5 percent in February, Statistics Korea said. The number of working people stood at 23.85 million last month, up 469,000 from a year earlier. It was the second consecutive month that year-on-year job creation has exceeded the 400,000 mark. "Despite a decline in the public administrative sector, health and social welfare, manufacturers and other non-public administrative areas maintained robust job growth," the report said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

s korea central bank raises inflation projection s korea central bank raises inflation projection

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

s korea central bank raises inflation projection s korea central bank raises inflation projection

 



GMT 15:36 2017 Monday ,09 January

Major EU-GCC meeting in Riyadh today

GMT 17:19 2016 Thursday ,22 December

KFMC surgeons remove 28 kg tumor from woman’s uterus

GMT 17:33 2017 Wednesday ,16 August

Damac reports decline in property development sales

GMT 09:16 2018 Monday ,01 January

Seoul leaning towards military measures

GMT 01:05 2017 Wednesday ,20 December

No guarantees on French-German initiative on Ukraine

GMT 21:00 2017 Sunday ,17 September

Saif bin Zayed approves adoption of 'Emirati Reader'

GMT 02:10 2017 Thursday ,05 January

Bahrain Stock Index Drops 3.47 Points

GMT 02:05 2017 Thursday ,28 September

July24th-August23rd

GMT 04:17 2017 Saturday ,11 November

Laulala out to prove All Blacks worth against France

GMT 02:42 2017 Friday ,14 July

NATO Tripoli strike kills civilians

GMT 05:47 2017 Wednesday ,18 January

Mohamed bin Zayed attends opening of ADSW 2017
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday