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Steady At 3.50%, Growth & Inflation Forecasts Nudged Down For 2024

BOK

The BoK has adjusted its forecasts down slightly for GDP and inflation. As expected, the 2023 estimate was shaved, coming down to 1.4%, versus the prior 1.6%. The 2024 estimate was also nudged down to 2.3% from 2.4%. The market expected the 2023 forecast to come down. On inflation, the 2023 estimate was left unchanged at 3.5%, but 2024 was nudged down to 2.4% from 2.6%.

  • The modest revisions to growth and inflation next year are likely to keep market expectations of cuts for 2024 still on the table.
  • The market reaction in Korean assets post the on hold outcome has been muted. Spot USD/KRW is just under 1320, slightly above yesterday's closing levels, while equities sit slightly higher, following US Nasdaq futures.
  • KTB 3yr futures have pared declines but remain in tight ranges overall.
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