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CPI Expected To Exceed Projections; GDP Forecast Unchanged

SOUTH KOREA

In the statement accompanying the rate announcement the BoK says will maintain accommodative stance due to an uptick in virus numbers and will consider this and financial imbalances when judging if it is appropriate to adjust the degree of accommodation.

  • The Bank added that CPI could be above projections in May and run at low to mid 2% for a while, and that GDP forecasts are in line with May (4%). The Bank noted though that private consumption is forecast to temporarily weaken affected by the coronavirus resurgence but then be supported by a supplementary budget. Exports are expected to continue to drive the recovery.
  • Link to full statement here:
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