BOK cuts growth forecast for this year and 2015

South Korea's central bank on Wednesday revised down its economic growth forecast for this year to 3.5 percent, down 0.3 percentage point from its earlier estimate of 3.8 percent, and slightly reduced its 2015 growth outlook from 4 percent to 3.9 percent. The previous forecast was made in July.

The BOK also lowered its inflation outlook for this year and 2015 to 1.4 percent from 1.9 percent, and 2.4 percent from 2.7 percent, respectively.

It forecast that the country's yearly current account surplus will reach US$84.0 billion this year, up from $70.7 billion recorded in 2013, which accounted for about 6 percent of the gross domestic product (GDP).

Park Sae-jin swatchsjp@ajunews.com

BOK cuts growth forecast for this year and 2015

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