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Forecast Changes Hike Inflation Outlook, Cuts Growth Projections

BOK

The BoK forecast changes hiked the inflation outlook for 2022 and 2023 and cut the growth projections. These were largely in line with expectations.

  • In terms of inflation:
  • *BANK OF KOREA RAISES 2022 CPI FORECAST TO 4.5% FROM 3.1% - BBG
  • *BOK REVISES 2023 CPI TO 2.9% VS. FEBRUARY FORECAST OF 2%
  • In terms of growth:
  • *BOK CUTS 2022 GROWTH FORECAST TO 2.7% VS 3% PROJECTION IN FEB.
  • *BOK: 2023 GDP GROWTH SEEN AT 2.4% VS 2.5% PROJECTION IN FEB.
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    The BoK forecast changes hiked the inflation outlook for 2022 and 2023 and cut the growth projections. These were largely in line with expectations.

  • In terms of inflation:
  • *BANK OF KOREA RAISES 2022 CPI FORECAST TO 4.5% FROM 3.1% - BBG
  • *BOK REVISES 2023 CPI TO 2.9% VS. FEBRUARY FORECAST OF 2%
  • In terms of growth:
  • *BOK CUTS 2022 GROWTH FORECAST TO 2.7% VS 3% PROJECTION IN FEB.
  • *BOK: 2023 GDP GROWTH SEEN AT 2.4% VS 2.5% PROJECTION IN FEB.