In a scheduled policy statement, South Korea’s Finance Ministry trimmed economic growth forecasts for 2018 and 2019 on Monday, Reuters reports.
The statement read: “The economy is faced with downward risks such as deepening trade disputes, spreading financial instability in emerging markets amid the normalizing monetary policy by the major countries.”
Now sees 2019 GDP growth at 2.6%-2.7% versus earlier 2.8%.
Now sees 2018 growth at 2.6%-2.7% versus earlier 2.9%.
S. Korea forecasts inflation at 1.6% in 2018, 2019.
This contrasts with the central bank’s forecast for a gradual rise in inflation and supports the market’s view that the central bank would leave interest rates unchanged throughout next year after the Nov. 30 hike.
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