The base rate is currently 3.0% and has reached its lowest level since October 2022. The decision is due to some stagnation in the economy - real inflation by the end of 2024 is projected at 2.2%, the planned figures were 2.5%. The GDP forecast is 2.2%, which is lower than the August estimates of 2.4%.
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Experts attribute the decrease in economic growth to export problems and note the impact of protectionism in world trade. The Board of Directors of the Bank of Korea said it would carefully assess the effects of monetary easing and the impact of the measures taken on achieving the inflation target in the medium term.
Among the goods imported by South Korea, the main ones are energy carriers, but the country also buys other raw materials. For example, in September, the Koreans imported a record amount of wood from Russia, we wrote about this in more detail.
