SEOUL, Aug 22 (Bernama-Xinhua) -- South Korea's central bank has revised its economic growth outlook for 2024 downward to 2.4 per cent, a 0.1 percentage point decrease, reported Xinhua.
The bank also adjusted its headline inflation forecast, lowering it by the same margin.
Real gross domestic product (GDP), adjusted for inflation, was expected to expand by 2.4 per cent in 2024, the Bank of Korea (BOK) said after freezing its benchmark interest rate unchanged at 3.50 per cent.
It was down from an increase of 2.5 per cent estimated three months earlier.
The downward revision was attributable to a reduction of 0.2 per cent in the second quarter's real GDP compared to the previous quarter.
The BOK forecast was lower than the Organisation for Economic Cooperation and Development's outlook of 2.6 per cent and the International Monetary Fund's estimate of 2.5 per cent.
The central bank maintained next year's economic growth estimate at 2.1 per cent.
The consumer price inflation outlook for 2024 was cut by 0.1 percentage points to 2.5 per cent, while the 2025 inflation forecast was left unchanged at 2.1 per cent.
--BERNAMA-XINHUA
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