BOK Chief Offers Gloomy Outlook for 2020
11 April, 2020
Lender of Korea Governor Lee Ju-yeol on Thursday warned that Korea's economy may not achieve multiple percent growth this year even if it again recovers from the coronavirus epidemic.
"I expect Korea's market to create positive growth this season," Lee told reporters after the central bank's standard monthly assembly. "But I don't believe it easy to gain over one percent expansion."
His prediction is founded on the situation that COVID-19 might abate in the next quarter, Lee added. But he advised that growth will decelerate additionally if another wave of infections happens in China or other countries.
The BOK made a decision to keep the benchmark interest rate at 0.75 percent. "We still have place for additional reducing of the interest rate," Lee said.
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