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 previous estimate in August.
The BOK expected the real GDP to expand 2.1 percent in 2024, down from the earlier estimate of 2.2 percent.
The 2024 forecast was lower than 2.2 percent from the International Monetary Fund, the Asian Development Bank and the Korea Development Institute.
The BOK revised up this year's consumer price inflation outlook by 0.1 percentage point to 3.6 percent, while raising next year's inflation forecast by 0.2 percentage points to 2.6 percent.
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