Connect with us

World

Details: Bank of Korea lowers economic growth forecast for 2023 to 1.7%

News Agencies

Published

on

Yonhap News Agency, Seoul, November 24. The Bank of Korea (the central bank) released the "Economic Outlook Update Report" on the 24th, lowering the real gross domestic product (GDP) growth forecast in 2023 from 2.1% to 1.7% from the original 2.1%. The index (CPI) rise is expected to be lowered from the original 3.7% to 3.6%.

The central bank's GDP growth forecast for next year is lower than the potential growth rate of the Korean economy (over 2%), and is lower than the Asian Development Bank (2.3%), the International Monetary Fund (2%), the credit rating agency Fitch (1.9%), the economic expectations made by institutions such as the United Nations Cooperation Organization (1.8%). After 2000, only 2020 (-0.7%) and 2009 (0.8%) were the only years in which South Korea’s GDP growth rate was below 2%.

The reason why the central bank lowered its economic growth forecast for next year to below 2% is because the recovery momentum of economic entities such as exports and consumption may slow down. Affected by factors such as increasing downward pressure on the global economy, the continuation of the Russia-Ukraine war, and the downturn in the semiconductor industry, South Korea's exports continued to slump. Against the backdrop of high commodity prices and a sluggish property market, consumption may also shrink.

In terms of CPI, excluding this year, the CPI rose by more than 3% for the first time since 2008 (4.7%). Although the central bank's CPI growth forecast for next year is slightly lower than last time, it still far exceeds the target value of 2%, which means that the central bank believes that the inflation trend will continue next year. The expected inflation rate, which reflects consumers' expectations about the price outlook, fell to 4.2% in November from 4.7% in July, but remained high.

In addition, the central bank maintained its GDP growth forecast for this year at 2.6%, and lowered its CPI growth forecast for this year from 5.2% to 5.1%. If the CPI rises more than 5% this year, it will be the highest since 1998 (7.5%). The central bank also predicts that GDP will grow by 2.3% and CPI will rise by 2.5% in 2024. (Finish)

[Copyright belongs to Yonhap News Agency, unauthorized reproduction is strictly prohibited]

The news is published by EMEA Tribune & Yonhap News Agency210520-twitter-verified-cs-70cdee.jpg (1500×750)

Continue Reading
Advertisement

Breaking News

World4 mins ago

Details: 47,028 new confirmed cases of new crown in South Korea totaled 26,937,516 cases 888,011,000,110,888 Yonhap News Agency, Seoul, November 27. According to a report from the South Korean Central Anti-epidemic Countermeasures Headquarters on the 27th, as of 0:00 on the same day, South Korea had 47,028 new confirmed cases of infection with the new coronavirus (COVID-19) compared with 0:00 the previous day, and a total of 26,937,516 confirmed cases . The number of new cases in a single day decreased by 5,760 from the previous day, increased by 1,030 from a week ago (20th), and decreased by 1,414 from two weeks ago (13th). The average number of new confirmed cases per day for the past week since the 21st was 54,119. Among the new cases, there were 46,958 cases of community infection and 70 cases imported from abroad. There were 39 new deaths, a decrease of 13 cases from the previous day, and a total of 30,369 deaths, with an average fatality rate of 0.11%. There are currently 481 critically ill patients, an increase of 3 cases from the previous day. (Finish) [Copyright belongs to Yonhap News Agency, unauthorized reproduction is strictly prohibited]

Yonhap News Agency, Seoul, November 27th. According to the South Korean Central Anti-epidemic Countermeasures Headquarters on the 27th, as of...

World4 mins ago

Guoxiang men's world team competition Chinese team won the championship

Xinhua News Agency, Jerusalem, November 25 (Reporter Lu Yingxu and Wang Zhuolun) The Chinese team defeated the Uzbekistan team in...

Sports5 mins ago

‘A disgrace to football’: Carlos Queiroz demands Jurgen Klinsmann resign from Fifa after Iran comments

Klinsmann made negative comments about Iranian players’ behaviour towards the referee during their 2-0 win over Wales

World24 mins ago

One person killed in shooting in Cornelius, police say

One person has been killed in a shooting, according to the Cornelius Police Department. Police said they received a call...

Sports25 mins ago

23-year-old Kylian Mbappé could overtake these Pelé, Ronaldo and Messi World Cup records

The France forward is in legendary company.

Advertisement

Editor Pick’s

Latest Entertainment

Entertainment8 hours ago

Dua Lipa shares recording studio photos with Rolling Stones frontman Mick Jagger

Dua Lipa shares recording studio photos with Mick Jagger. (Photo: Michael Tullberg/Getty Images) Is there a Dua Lipa and Rolling...

Entertainment8 hours ago

Dwayne Johnson Says He’s Grateful for Thanksgiving with Family: ‘We Count Our Blessings’

LOS ANGELES, CALIFORNIA – NOVEMBER 03: (L-R) Ata Johnson and Dwayne Johnson attend the World Premiere of Netflix’s “Red Notice”...

Entertainment9 hours ago

Queen Elizabeth Knew Her Time Was Running Short, ‘Had No Regrets’ Before Her Death, Book Says

FEBRUARY 02: Queen Elizabeth II is photographed at Sandringham House to commemorate Accession Day, marking the start of Her Majesty’s...

Entertainment9 hours ago

Pregnant Chrissy Teigen and John Legend Celebrate Thanksgiving with Luna & Miles Ahead of Next Baby

chrissy teigen, john legend Chrissy Teigen/Instagram Chrissy Teigen and John Legend have lots to be thankful for this Thanksgiving. The...

Entertainment10 hours ago

Irene Cara, Oscar-winning ‘Flashdance’ singer and Fame star, dies at 63

Irene Cara, the Oscar-winning singer best known for performing the theme songs to the legendary films Flashdance and Fame, has...

Entertainment10 hours ago

Bob Dylan Says He ‘Regrets’ an ‘Error in Judgment’ in Selling Machine-Signed Art and Books: ‘I Want to Rectify It Immediately’

Bob Dylan issued a rare public statement Friday night to admit that he “regrets” having made “an error in judgment”...

Entertainment11 hours ago

Kimberly Stewart Shares Sweet Thanksgiving Photo of Her and Benicio Del Toro’s Daughter: ‘Thankful’

https://www.instagram.com/p/ChQLvZrPVdq/?hl=en. Kimberly Stewart/Instagram Kimberly Stewart/Instagram Kimberly Stewart celebrated Thanksgiving with her mini-me by her side. The actress, 43, spent the...

Entertainment18 hours ago

Madonna Shares Rare Snap With All Six Of Her Children As They Celebrate Thanksgiving Together

Madonna has revealed she had a lot to be grateful for this Thanksgiving after spending the day with all six...

Latest Sports

Sports45 mins ago

Mike Sainristil on flag planting: ‘I was thinking about that since January’

It's seen as a sign of disrespect to the opposing program but Mike Sainristil's decision to plant the Michigan flag...

Sports1 hour ago

Why Alabama football coach Nick Saban has a cut on his face during Iron Bowl

CBS cameras caught Alabama football coach Nick Saban walking around with a sizeable cut on his left cheek during the...

Sports2 hours ago

How can USA qualify for the World Cup last 16?

How can the USA qualify for the last 16 of the World Cup and what do they need against Iran...

Sports2 hours ago

College football scores: USC hosts Notre Dame

USC still has College Football Playoff aspirations, but they have to get past No. 15 Notre Dame in order to...

Sports2 hours ago

Nebraska signs Matt Rhule to 8-year deal as football coach

After six straight losing seasons and more than 20 years removed from its 1990s heyday, Nebraska is turning to Matt...

Sports3 hours ago

Jim Harbaugh discusses the origins of the trick play against Ohio State

Neither were the coaching staff, as head coach Jim Harbaugh told reporters after the game that the Wolverines had "emptied...

Sports3 hours ago

Ja Morant tweets about quiet Klay Thompson critics with Warriors’ star shining

Ja Morant doesn't usually side with the Warriors, but on Friday night, that changed.

Sports4 hours ago

Syracuse’s Judah Mintz ejected after slapping Bryant guard in the face, sparking wild altercation

Four players and three assistant coaches were ejected after Syracuse's Judah Mintz and Bryant's Doug Edert got into it early...

Technology Hot News

Is Elon Musk Really Going to Buy Twitter? Is Elon Musk Really Going to Buy Twitter?
Technology1 month ago

Is Elon Musk Really Going to Buy Twitter?

Elon Musk, the owner of the electric car company Tesla, CEO of SpaceX, and the richest man in the world,...

WhatsApp services were affected across Pakistan, restored after 2 hours WhatsApp services were affected across Pakistan, restored after 2 hours
Technology1 month ago

WhatsApp services were affected across Pakistan, restored after 2 hours

WhatsApp services were affected in various countries of the world, including Pakistan, and India due to this users were facing...

Bitcoin vs Litecoin: A guide to understanding cryptocurrencies Bitcoin vs Litecoin: A guide to understanding cryptocurrencies
Technology1 month ago

Bitcoin vs Litecoin: A guide to understanding cryptocurrencies

Cryptocurrencies currently occupy an odd place in society. They are no longer the super niche bizarre currency beloved by tech...

Personal data of people is selling on Google Play and Google Ads Personal data of people is selling on Google Play and Google Ads
Editor Picks2 months ago

Personal data of people are sold on Google Play and Google Ads

It’s been two to three years since Google has been unknowingly hosting multiple apps from malicious actors who sell personal...

Protonmail is down a second time in the past 24 hours Protonmail is down a second time in the past 24 hours
Technology5 months ago

Protonmail is down a second time in the past 24 hours

An end-to-end encrypted email service Protonmail is down a second time in the past 24 hours, netizens reported on social...

What's better for the student: a tablet or a laptop What's better for the student: a tablet or a laptop
Technology6 months ago

What’s better for the student: a tablet or a laptop

Some analysts argue that computers have outlived their usefulness. There is some truth in this: PC and laptop sales are...

Tesla founder Elon Musk holds the Twitter deal temporary Tesla founder Elon Musk holds the Twitter deal temporary
Technology7 months ago

Tesla founder Elon Musk holds the Twitter deal temporary

USA: Elon Musk, the founder of companies like Tesla and SpaceX, can actually buy anything in the world. Last month,...

How Zafar Supari is utilizing his ability on Snapchat? How Zafar Supari is utilizing his ability on Snapchat?
Technology7 months ago

How Zafar Supari is utilizing his ability on Snapchat?

Pakistan: Zafar Supari a public figure, businessman, and social media sensation has crossed one hundred thirty-three thousand 133k subscribers on...