After the rate-setting meeting, the Bank of Korea (BOK) said real gross domestic product (GDP), adjusted for inflation, was forecast to grow 1.4 percent in 2023. It was unchanged from the estimate in May.
The BOK outlook was equivalent to the estimate from the country's finance ministry and the International Monetary Fund (IMF), but it was higher than the growth forecast of 1.3 percent from the Asian Development Bank (ADB).
The BOK expected the real GDP to expand 2.2 percent in 2024, down from the previous estimate of 2.3 percent.
It was lower than the 2024 growth outlook of 2.4 percent from the finance ministry and 2.3 percent from the state-run Korea Development Institute (KDI).
Headline inflation outlooks were unchanged at 3.5 percent for 2023 and 2.4 percent for 2024.
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