South Korea's central bank on Tuesday lowered its 2016 growth forecast for the economy to 2.8 percent from an earlier estimate of 3.0 percent on growing downward pressures from aboard and at home.
Outlook for 2016 headline inflation was revised down from 1.4 percent to 1.2 percent, Bank of Korea (BOK) Governor Lee Ju-yeol told a press conference after deciding to freeze the benchmark interest rate at a record low of 1.5 percent for 10 straight months. The downward revision came amid rising concerns about economic downturn at home and abroad.
Amidst global economic slowdown, South Korea's exports, which account for about half of the export-driven economy, tumbled 18.9 percent in January on a yearly basis, followed by drops of 12.2 percent in February and 8.2 percent in March each.
Jobless rate for those under 30 reached 11.8 percent in March, higher than any March figures. In February, the youth unemployment rate hit a record high of 12.5 percent.
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