IMF Slashes Korea's Economic Growth Projection
16 October, 2019
The International Monetary Fund has drastically slashed its economic growth projection for Korea from 2.6 to just two percent, and for next year from 2.8 to 2.2 percent.
That would mark the lowest growth rate for Korea since 2009, just after the global financial crisis, when it shrank 0.7 percent.
The IMF also lowered the projections for Hong Kong and Singapore due to China's economic slowdown and the U.S.-China trade war. It slashed the global economic growth outlook from 3.3 to three percent.
Bank of Korea Governor Lee Ju-yeol (center) chairs a monetary meeting in Seoul on Wednesday. /Yonhap
Meanwhile, the Bank of Korea Wednesday cut the base interest rate for the second time this year, as expected, amid slowing economic growth.
The decision to lower the rate to 1.25 percent from 1.5 percent three months ago brings it down to the record low seen between June 2016 and November 2017.
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