south koreas central bank cuts growth outlook to 27
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

South Korea's Central Bank Cuts Growth Outlook to 2.7%

Arab Today, arab today

Arab Today, arab today South Korea's Central Bank Cuts Growth Outlook to 2.7%

South Korea's Central Bank Cuts Growth Outlook to 2.7%
Seoul - QNA

South Korea's central bank on Thursday revised down its growth outlook for Asia's fourth-largest economy to 2.7% from 2.8% three months earlier, citing sluggish consumption at home and abroad. 

The quarterly revision by the Bank of Korea (BOK) came shortly after the government slashed its outlook for 2016 to 2.8% from 3.1%, state news agency (Yonhap) reported. 

"The local economy will maintain its modest growth trend on expansionary economic policies, but the bank believes local and external uncertainties surrounding the path to growth will remain high," BOK Gov. Lee Ju-yeol told a press briefing. 

South Korea's exports have fallen every single month since the start of 2015, apparently forcing the central bank to twice slash its growth outlook to 2.8% in April and again to 2.7% this week from the initial 3% expansion offered at the start of the year. 

Local spending, also a major growth engine here, gained only 0.9% on-year in the first six months of the year, falling far short of the bank's 2% target for the 2016-2018 period. 

Still, the central bank said an increase in local spending will mostly support the overall economic growth this year, noting the local economy was expected to expand 2.4% on domestic consumption, while exports were expected to contribute only 0.3 percentage point to the overall expansion. 

The bank said the local economy was expected to grow 2.4% in the second half of the year, following a 3% expansion in the first half. 

The bank also slashed its outlook for consumer price inflation to 1.1% from the 1.2% forecast three months earlier and the 1.4% one at the start of the year. 

The BOK governor was scheduled to hold a special press conference later in the day to explain the bank's failure to meet its price inflation target. 

The scheduled press conference comes under a self-imposed rule, under which the BOK governor is required to offer explanations for a deviation of price inflation from the target when the actual inflation strays from the target by more than 0.5 percentage point for more than six months. 

The BOK said the local economy was forecast to grow 2.9% in 2017, with its consumer prices expected to rise 1.9% in the same year.

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*

south koreas central bank cuts growth outlook to 27 south koreas central bank cuts growth outlook to 27

 



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*

south koreas central bank cuts growth outlook to 27 south koreas central bank cuts growth outlook to 27

 



GMT 04:22 2017 Tuesday ,26 December

Israel in touch with '10 countries' over embassy moves

GMT 19:43 2017 Friday ,06 October

Employee safety top priority at Khalifa Port

GMT 16:19 2017 Friday ,28 April

ISIS Suspect Arrested in Western Germany

GMT 12:57 2017 Monday ,11 December

50 Students Poisoned by Contaminated Well Water

GMT 16:31 2017 Thursday ,10 August

Palestinians will discuss decline of aids

GMT 21:15 2017 Saturday ,04 March

Obama never ordered surveillance on any US citizen

GMT 10:00 2017 Thursday ,09 March

Russia ‘can be good friends with GCC’

GMT 02:13 2017 Wednesday ,22 February

Russian helicopter crash kills 19 in Siberia

GMT 13:23 2017 Tuesday ,05 December

Lebanon PM Hariri rescinds resignation

GMT 00:39 2017 Tuesday ,05 December

Gunmen kill cleric in Aden, southern Yemen

GMT 11:43 2016 Thursday ,24 November

Will learn from Euro exit

GMT 06:56 2017 Tuesday ,17 October

US ‘not taking sides’ between Iraqi forces, Kurds

GMT 19:59 2017 Thursday ,16 February

Syrian opposition's chief negotiator arrives in Astana
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