WORLD S.Korea's central bank raises 2021 economic growth outlook to 4 pct

WORLD

S.Korea's central bank raises 2021 economic growth outlook to 4 pct

Xinhua

15:14, May 27, 2021

SEOUL, May 27 (Xinhua) -- South Korea's central bank on Thursday raised its 2021 economic growth outlook to 4 percent, 1 percentage point higher than the estimate unveiled three months earlier.

A photo taken on November 24, 2020 shows a general view of the city skyline of Seoul. (File photo: AFP)

The Bank of Korea (BOK) revised up its growth forecast for 2022 by 0.5 percentage points to 3 percent.

It came after the BOK decided earlier in the day to keep its benchmark interest rate on hold at an all-time low of 0.5 percent.

The bank lowered the rate to the current level to tackle an economic downturn from the COVID-19 pandemic.

The BOK upgraded its 2021 headline inflation outlook by 0.5 percentage points to 1.8 percent, leaving the forecast for next year unchanged at 1.4 percent.

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