Bank Of Korea Serves Up Another Reminder Of Sluggish Global Economy, Even As Rates Kept On Hold

Although Governor Lee Ju-yeol suggested South Korea's economy was likely in the process of bottoming, the Bank of Korea slashed their GDP and CPI forecasts on Friday, after keeping rates on hold, as expected. GDP growth will be 2.0% this year and 2.3% next, the bank said. In July, the BOK saw growth of 2.2% in 2019 and 2.5% in 2020. This year's CPI forecast was cut to 0.4% from 0.7%, while the bank sees consumer prices rising 1% in 2020, versus 1.3% previously. The BOK, like the RBA, RBNZ and,