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S.Korea's central bank raises 2017 growth forecast to 2.8 percent

Time:2017-07-13 14:46:34 Source: Xinhua China Youth International

   South Korea's central bank on Thursday raised its 2017 growth forecast for the economy to reflect the altered economic situations at home and abroad.

  Bank of Korea (BOK) Governor Lee Ju-yeol announced the upward revision following a rate-setting meeting where Lee and other monetary policy board members decided unanimously to freeze the benchmark rate at an all-time low of 1.25 percent. The rate was lowered to the current level in June last year.

  The BOK's growth outlook for this year was revised up to 2.8 percent from 2.6 percent unveiled three months earlier.

  The BOK's upgraded outlook was higher than the figures disclosed by local economic think tanks that ranged from 2.5 percent to 2.6 percent.

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