SEOUL, Jan. 18 (Korea Bizwire) – The Bank of Korea (BOK) on Thursday raised its economic growth forecast for this year on expectations of continued domestic demand recovery and robust export growth. The central bank forecast that South Korea’s gross domestic product (GDP) will grow 3 percent in 2018, faster than its previous estimate of [...]
SEOUL, Jan. 2 (Korea Bizwire) – South Korea’s central bank chief said Tuesday that he will make a prudent decision on a further rate hike by taking into account all economic data. “The Bank of Korea raises the rate based on data, economic indices and other conditions,” BOK Gov. Lee Ju-yeol told reporters. “The board [...]
SEOUL, May 26 (Korea Bizwire) — South Korea’s interest rate freeze is seen as reflecting its improving economic fundamentals and the central bank’s stance to size up the effect of the new government’s economic policy on growth. As widely expected, the Bank of Korea (BOK) held the country’s benchmark interest rate at a record low [...]
“(The BOK) will likely proceed in the direction of sustaining its accommodative stance as it is difficult to be positive about domestic economic recovery. Policy circumstances may rapidly change due to factors such as a possible U.S. rate hike, but there is a need to be prudent in adjusting the stance of the monetary policy [...]
SEOUL, May 22 (Korea Bizwire) – South Korea’s top central banker on Friday raised worries over bleak job market prospects for the younger generation in the coming years as the country is ready to extend the retirement age to 60 next year, echoing recent policy efforts aimed at revving up structural reform. “Employment is a [...]
SEOUL, April 28 (Korea Bizwire) – South Korea’s top central bank said Tuesday the country’s economic recovery is gaining momentum despite external risks but stressed that structural reform is necessary for long-term growth. Bank of Korea (BOK) data released last week showed that the country’s gross domestic product (GDP) grew 0.8 percent on-quarter in the first three [...]
“The rate cut and the expansion of the loan facility cap (for smaller firms) were based on the judgment that growth and inflation is likely to significantly underperform the expected course. We judged that there is a need to implement additional measures before forecasts are released in order to strengthen growth momentum and ultimately expand [...]
![[Quote] Korean Economy Is Not Mired in Deflation, Says BOK Governor](http://koreabizwire.com/wp/wp-content/uploads/2014/09/2279829783_0a40ae24d3_z.jpg "[Quote] Korean Economy Is Not Mired in Deflation, Says BOK Governor")
“Technically speaking, Korean economy is not deemed to have entered deflation. Although consumer prices have continued to stay in the meager 1-percent range for nearly two years, this trend is largely caused by supply factors such as downward prices of agricultural products and global energy goods. The underlying inflation which indicates basic price pressure in terms [...]