SEOUL, Feb. 23 (Xinhua) -- South Korea's central bank cut its 2023 growth outlook for the economy on Thursday.
Bank of Korea (BOK) said after the rate-setting meeting that the economy was forecast to grow 1.6 percent in 2023, down from 1.7 percent estimated in November.
The BOK estimate was identical to the Finance Ministry's forecast, but it was lower than the outlooks of 1.7 percent from the International Monetary Fund and 1.8 percent from the Organization for Economic Cooperation and Development.
The BOK predicted the economy to expand 2.4 percent in 2024.
Outlook for this year's headline inflation was revised down to 3.5 percent from the previous 3.6 percent.
Forecast for next year's consumer price inflation was set at 2.6 percent. ■