BOK maintains 3.0% growth this year… “Depends on vaccination, etc.”

On the 25th, the Bank of Korea maintained its forecast for this year’s economic growth at 3.0%. Although domestic demand is sluggish, such as a contraction in consumption due to the re-proliferation of the new coronavirus infection (Corona 19), it is diagnosed that exports and facility investment will show strong growth thanks to the global economic recovery and will lead the growth trend.

The BOK predicted that Korea’s real GDP growth rate will remain at 3.0% this year and 2.5% next year. It has maintained the same level as the forecast for November last year. Last year, Korea’s economy was -1.0%, the lowest level in 22 years, but it is predicted that this year, it will show a 3% growth rate from the negative growth shock.

BOK Governor Lee Ju-yeol said at a press conference after the Financial Monetary Committee meeting on the same day. “It will depend greatly on how the spread is going and how the vaccination will work.”

The BOK raised its consumer inflation rate forecast for this year by 0.3 percentage points from 1.0% to 1.3%. Inflation is expected to expand from last year due to rising international oil prices and improving domestic economy. Governor Lee emphasized, “There are supply-side factors such as rising international oil prices that raised the inflation outlook, but it reflected the expected gentle economic recovery trend in the future.” “However, the 1% inflation rate is not a level of concern for inflation” did. Next year’s consumer inflation rate was lowered from 1.5% to 1.4%.

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