BOK chief sees lower than expected growth in 2024 on slackening domestic demand

▲ Bank of Korea Gov. Rhee Chang-yong (L) listens to a question from a reporter in a press conference at the bank's headquarters in Seoul on Dec. 18, 2024. (Yonhap)

BOK chief-growth

BOK chief sees lower than expected growth in 2024 on slackening domestic demand

SEOUL, Dec. 18 (Yonhap) -- South Korea's central bank chief said Wednesday that the economy is likely to grow at a slower-than-expected rate for the year due to a protracted slump in private spending.

"For the year, economic growth is highly likely to be 2.1 percent," Bank of Korea (BOK) Gov. Rhee Chang-yong said in a press conference on price stabilization.

"For the fourth quarter, we expected a 0.5 percent expansion, but the number is likely to be 0.4 percent or lower."

Last month, the BOK trimmed the growth forecast for this year to 2.2 percent from 2.4 percent.

Rhee said next year's growth rate may be slower than expected. Earlier, the central bank projected a 1.9 percent advance for next year.

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