S.Korea's c.bank slashes 2020 economic growth outlook to 0.2 pct contraction
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E-mail Xinhua, May 28, 2020
SEOUL, May 28 (Xinhua) -- South Korea's central bank on Thursday slashed its 2020 growth outlook for the economy to 0.2 percent contraction amid rising worry about an economic fallout from the COVID-19 outbreak.
Bank of Korea (BOK) said in a statement after the rate-setting meeting that the economy is forecast to contract 0.2 percent this year. It was down from the BOK's previous expectation of 2.1 percent growth.
It was the first time in 11 years since 2009 that the BOK unveiled a contraction forecast.
The BOK predicted the economy to rebound 3.1 percent next year.
Outlook for consumer price inflation is forecast to rise 0.3 percent in 2020 before gaining 1.1 percent in 2021.
The BOK decided to cut its benchmark interest rate by 25 basis points to a fresh all-time low of 0.50 percent. Enditem
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