SEOUL, Oct. 10 (Xinhua) -- South Korea's central bank on Thursday revised down its 2014 growth outlook to 3.8 percent from an earlier forecast of 4 percent, reflecting dimmer outlook for the global economy.
Bank of Korea (BOK) Governor Kim Choong-soo told reporters about the downgraded growth outlook at the press conference held right after freezing the policy rate at 2.5 percent. The growth outlook for 2013 was unchanged at 2.8 percent estimated three month earlier.
Outlook for the country's consumer price inflation was set at 1.2 percent in 2013 and 2.5 percent in 2014 each. Those figures were downgraded from an earlier forecast of 1.7 percent for 2013 and 2.9 percent for 2014 respectively.
Two days earlier, the International Monetary Fund (IMF) revised down its 2014 growth outlook for South Korea, citing downside risks to the global economy. The economy was expected to grow at an annual rate of 3.7 percent next year after expanding 2.8 percent this year, according to the IMF's World Economic Outlook report.
The 2014 growth forecast was downgraded from 3.9 percent estimated by the IMF three months earlier, with the 2013 figure left unchanged.
The Finance Ministry set its 2014 growth outlook at 3.9 percent, higher than the IMF's forecast, but the country's parliamentary budget office projected the economy to increase 3.5 percent next year.