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Bank of Korea chief: 2019 GDP growth likely to miss forecast

Christian Fernsby ▼ | September 30, 2019
South Korea's central bank chief said economic growth this year would likely miss the bank's 2.2% forecast.
Lee Ju-yeol
Asia   Bank of Korea Governor Lee Ju-yeol
"We are due to unveil a new forecast in November and we will have to see the situation at that time, but it will be tough to achieve the 2.2% growth forecast previously," Bank of Korea Governor Lee Ju-yeol told reporters.

Topics: Korea GDP

His remarks were embargoed until midday on Sunday.

In July, the central bank trimmed its forecast for economic growth this year to 2.2% from 2.5% previously and cut the policy interest rate by 25 basis points to 1.50%, its first cut in three years.

But the new forecast was already above projections by private-sector organisations, set as low as 1.4%, and economic indicators since then have showed increasing negative risks to Asia's fourth-largest economy.