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한은, 올해 경제 성장률 전망 2.5% 에서 2.2% 로 하향
The Bank of Korea has cut its key for the first time in three years, apparently in part because of Japan's export restrictions.
Unusually, the BOK acted before the Federal Reserve.
The central bank has also, for similar reasons, cut its growth forecast for the Korean economy to just 2-point-2 percent.
Our Kim Da-mi reports.
The Bank of Korea on Thursday, South Korea, is backing up this year to 2-point-2 percent.
This is down from its earlier projection of 2-point-5 percent back in April.
Central bank governor Lee Ju-yeol Raised the alarm … over worsening conditions both at home and abroad.
"Domestic consumption has continued to improve, but it has decreased and has been reduced to lower and lower bounds.
When asked if Japan's latest export has been influenced by the central bank's forecasts, it has had a measurable impact on Korea's economic growth.
In addition, the Bank of Korea has slashed its policy rate by 25 basis points to one-point-five percent … to help spur growth amid prolonged trade tensions.
This is the first rate when measured by 25 basis points to one-point-75 percent.
The BOK pointed to growing external uncertainties, … including the long-running dispute between the U.S. and China and Korea's trade spat with Japan.
"The worsening of Seoul-Tokyo trade disputes has caused the BOK to not only cut rates, but also the country's economic forecast with exports and domestic demand already sluggish, this incident could further depresses economic activities like consumer spending. short of the new 2.2% growth forecast. "
In fact, many badysts had expected to move in August, with the U.S. Federal Reserve expected to fall back on this end of this month.
But with the U.S. economy and its labor market being favorably favored by the Fed, there are now speculations that the central bank may not even cut rates, … which encouraged the BOK to go ahead with its decision.
The unexpected rate cut also comes after seven consecutive months of decline in the country's exports.
Exports, a key driver of South Korea's economic growth, which is expected to increase its share of the world's output.
"The Bank of Korea said it will be able to maintain its accommodative policy stance to support the domestic economy … and carefully monitor the U.S.-China trade war, Japan's latest export curbs.
KIM Da-mi, Arirang News. "
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