Photo : YONHAP News
The Bank of Korea(BOK) has raised its growth outlook for the domestic economy from two percent to two-point-six percent.
The central bank’s revised forecast on Thursday is higher than the potential growth rate of around one-point-eight percent and the highest since the two-point-seven percent projected in 2022.
The adjustment comes after gross domestic product growth during the first quarter reached one-point-seven percent on the back of an export boom driven by the semiconductor supercycle, far above the BOK’s estimate of zero-point-nine percent.
The BOK also revised next year’s outlook from a previous estimate of one-point-eight percent to two-point-one percent.
The central bank raised its projection for the increase in consumer prices this year from two-point-two percent to two-point-seven percent, its highest point since 2023, when it was three-point-six percent, and raised its forecast for next year from two percent to two-point-three percent.