BOK cuts '22 growth outlook to 2.7% and ups inflation estimate to 4.5%
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Under the revised outlook, the BOK projected the Korean economy to expand 2.7 percent this year, slower than 3.0 percent estimated in February. For next year, it expected growth at 2.4 percent.
State think tank Korea Development Institute earlier lowered its outlook on the Korean economy from 3.0 percent to 2.8 percent.
The BOK raised annual inflation estimate sharply to 4.5 percent from 3.1 percent as near 5-percent inflation rate won’t easily come down from worsening grain and fuel conditions from protracted Russian war with Ukraine.
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