South Korea’s central bank cuts 2012 growth outlook

July 13th, 2012 - 2:17 pm ICT by IANS  

Seoul, July 13 (IANS) The Bank of Korea (BOK), South Korea’s central bank, Friday cut its 2012 economic growth outlook for the country to 3 percent from an earlier estimate of 3.5 percent due to the expected widening of external uncertainties.

The BOK revised down its outlook for the country’s gross domestic product growth to 3 percent, down from 3.5 percent estimated in April, reported Xinhua.

The revision came after the central bank lowered its benchmark 7-day repo rate by 25 basis points to 3 percent Thursday, the first rate cut in 13 months.

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