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.”
Key Details:
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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