The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Revenge rises as key theme in K-dramas

  • 3

    Korean firms balk at donating to fund compensating victims of Japan's forced labor

  • 5

    Zebra captured after escaping from Seoul zoo

  • 7

    Main opposition leader indicted, faces calls to resign

  • 9

    Samsung, SK avoid worst-case scenario as US 'guardrails' are less stringent than feared

  • 11

    Jeon Jong-seo discusses her first Hollywood role in 'Mona Lisa and Blood Moon'

  • 13

    Childbirths sink 6% to fresh low in January

  • 15

    Investment banks compete for HMM sale advisory roles

  • 17

    INTERVIEWKorean adoptee in Germany reunites with birth family after 42 years

  • 19

    Opposition leader indicted over development corruption scandal

  • 2

    Consumers choose to travel abroad over purchasing luxury goods

  • 4

    Sexual assaults by Korean diplomats continue despite zero-tolerance policy

  • 6

    World water day

  • 8

    Outback Steakhouse sees sales soar as it opens stores in large shopping malls

  • 10

    Korean pension fund hit by overseas banking crisis

  • 12

    Apple working on expanding Apple Pay service in Korea: senior executive

  • 14

    Campaign launched to promote equal treatment for multicultural families

  • 16

    INTERVIEWRetired FSC chief finds inspiration exploring Koreans' ancestral roots

  • 18

    Hyundai Heavy achieves world's first 200 million BHP milestone

  • 20

    Free COVID-19 boosters to be offered once this year

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Fri, March 24, 2023 | 02:13
Economy
BOK cuts outlook to 2.8% from 3 percent
한은, 올해 경제성장률 전망 2.8%로 낮춰
Posted : 2016-04-19 18:38
Updated : 2016-04-19 20:41
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Central bank leaves key rate unchanged at 1.5%

By Kim Jae-won

The Bank of Korea (BOK) cut its growth outlook to 2.8 percent from 3 percent forecast three months earlier, Tuesday, pointing to a poorer-than-expected corporate performance in the first quarter and slowdown in the global economy.

The cut indicates that the country is entering a long tunnel of low growth, with anything over 3 percent becoming an increasingly remote possibility.

While cutting its growth forecast, the bank left its key rate unchanged at 1.5 percent as expected by the market.

However, BOK Governor Lee Ju-yeol left open the possibility of carrying out a rate cut in the months to come, depending on the development of external economic conditions.

"We need to secure room to maneuver in monetary policy in preparation for external shocks," Lee said.

The BOK said companies in the semiconductor, steelmaking, petrochemicals and shipbuilding industries posted disappointing performances during the January-to-March period, forcing the central bank to trim down its gross domestic product (GDP) expectation.

"We cut the rate reflecting unsatisfactory performances in the first quarter," said BOK director Seo Young-kyung in a press briefing. "The slowdown in the global economy also made us lower the growth target."

The announcement came a week after the International Monetary Fund cut its outlook for the Korean economy to 2.7 percent from 3.2 percent. The Korea Institute of Finance has also curtailed its growth outlook to 2.6 percent from 3 percent predicted six months ago.

Economists said they can hardly find visible data supporting the country's economic rebound, though sentiment for consumption increased recently.

"It is hard to see that the local economy is on track for a boom because there is no growth momentum, such as the government's stimulus policies, expanding credit cycle and rising exports," said Kang Joon-koo, an economist at LG Economic Research Institute.

Exports, one of the two major pillars of growth for the local economy, have recently been a constant drag on the economy. Korea's exports have dropped every single month since the beginning of last year.

Although the central bank painted a gloomier outlook for the economy, the BOK did not take action, keeping its key interest rate at a record low of 1.5 percent for the tenth straight month.

BOK Governor Lee said that it is important to have the right timing in monetary policy, and the time for a further interest cut has not yet come.

"We should consider the pros and cons of an interest cut," said Lee during a press conference after the decision made by the bank's seven-member Monetary Policy Board. "And we decided to keep the rate at the current level until the next meeting because uncertainties in the global economy are still lingering."

Lee also made it clear that he was negative about so-called Korean-style quantitative easing, suggested by the ruling Saenuri Party earlier this month as part of its campaign pledges.

He said that the state-run Korea Development Bank can draw sufficient funds for corporate restructuring, refuting the party's argument that the BOK should buy bonds of the KDB directly to help the lender inject fresh money into cash-stripped companies struggling to stay afloat.

The central bank also slashed its outlook for consumer price inflation to 1.2 percent this year from the 1.4 percent forecast three months earlier. The BOK said that consumer prices will be under downside pressure from low oil prices and declining demand.


한은, 올해 경제성장률 전망 2.8%로 낮춰

올 소비자물가 전망은 1.4%→1.2%로 하향

한국은행이 올해 경제성장률 전망치를 3.0%에서 2.8%로 0.2% 포인트 내렸다.

소비자물가 상승률 전망치는 1.4%에서 1.2%로 하향 조정했다.

이주열 한국은행 총재는 19일 금융통화위원회가 끝난 뒤 기자간담회를 열고 올해 국내총생산(GDP) 성장률과 소비자물가 상승률 전망을 이렇게 조정한다고 밝혔다.

한국의 올해 성장률 전망치는 지난해 성장률 2.6%보다 0.2% 포인트 높지만 한국 경제는 2년 연속 2%대 성장에 머물 것으로 전망한 것이다.

한국의 GDP 성장률은 2012년 2.3%, 2013년 2.9%에 각각 머물렀다가 2014년에 3.3%로 반등했지만 지난해 2.6%로 떨어졌다.

지난 1월 한은은 올해 성장률 전망치를 3.2%에서 3.0%로 0.2%포인트 떨어뜨린 바 있다.

한은이 석달 만에 경제성장률 전망치를 다시 수정한 것은 중국의 성장세 둔화 등 대외 여건의 악화로 수출이 부진하고 생산과 소비, 투자 등의 회복세가 예상보다 좋지 않기 때문으로 풀이된다.

한은까지 '2%대 대열'에 합류함으로써 민간에서 3%대를 전망하는 기관은 찾아보기 어렵게 됐다.

최근 LG경제연구원은 우리나라의 올해 경제성장률 전망치를 2.4%까지 낮췄고 한국금융연구원은 2.6%, 현대경제연구원은 2.5%를 각각 제시했다.

정부는 올해 3%대 성장을 달성할 수 있다며 3.1%를 전망하고 있지만, 저성장 장기화에 대한 우려가 커질 것으로 보인다. (연합뉴스)
Emailshosta@ktimes.com Article ListMore articles by this reporter
 
Top 10 Stories
1[INTERVIEW] Korean adoptee in Germany reunites with birth family after 42 years INTERVIEWKorean adoptee in Germany reunites with birth family after 42 years
2Retailers rush to adopt Apple Pay system Retailers rush to adopt Apple Pay system
3[INTERVIEW] Expert pitches Laotian rural reform to solve NK's chronic food shortages INTERVIEWExpert pitches Laotian rural reform to solve NK's chronic food shortages
4Will exempting foreign nannies from minimum wage boost Korea's birth rate? Will exempting foreign nannies from minimum wage boost Korea's birth rate?
5[INTERVIEW] Forbes-listed entrepreneur pursues partnerships with Samsung, LG, SK to help Ukraine INTERVIEWForbes-listed entrepreneur pursues partnerships with Samsung, LG, SK to help Ukraine
6Indonesian students advise Korean bank on entering Indonesian market Indonesian students advise Korean bank on entering Indonesian market
7Daughter of North Korean dictator seen wearing $1,900 Dior jacket Daughter of North Korean dictator seen wearing $1,900 Dior jacket
8[INTERVIEW] 'Welcome to world of art therapy' INTERVIEW'Welcome to world of art therapy'
9Will Apple Pay launch boost local iPhone sales? Will Apple Pay launch boost local iPhone sales?
10Korea to start mass production of KF-21 in 2024 Korea to start mass production of KF-21 in 2024
Top 5 Entertainment News
1Revenge rises as key theme in K-dramas Revenge rises as key theme in K-dramas
2Jeon Jong-seo discusses her first Hollywood role in 'Mona Lisa and Blood Moon' Jeon Jong-seo discusses her first Hollywood role in 'Mona Lisa and Blood Moon'
3SF9's Jaeyoon starts mandatory military service SF9's Jaeyoon starts mandatory military service
4Yoo Yeon-seok threatens to sue people spreading accusations about him Yoo Yeon-seok threatens to sue people spreading accusations about him
5Lee Som, Ahn Jae-hong to play married couple in Tving's new series Lee Som, Ahn Jae-hong to play married couple in Tving's new series
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group