South Korea revises down 2016 Economic Growth outlook

Seoul, Oct 15: South Korea’s central bank on Thursday revised down its 2016 outlook for economic growth to 3.2 percent from 3.3 percent estimated three months earlier.

Bank of Korea (BOK) Governor Lee Ju-yeol told reporters after deciding to freeze the benchmark interest rate at an all-time low of 1.5 percent.

The 2015 outlook was revised down to 2.7 percent from 2.8 percent estimated in July. The central bank revises its growth outlook every three months, reported Xinhua.

Outlook for headline inflation in 2015 was lowered from 0.9 percent to 0.7 percent, and the 2016 outlook was cut from 1.8 percent to 1.7 percent.