Saturday, August 11, 2012

News Summary: SKorea central bank pessimistic

LONG TERM HURT: South Korea's central bank warned that Europe's debt crisis and weak growth in other parts of the world could result in the nation's economy underperforming for an extended period. Officials said the recently lowered forecast for economic growth of 3 percent this year may not be achievable.

RATE CUTS EXPECTED: The pessimistic assessment reinforced views that the Bank of Korea is likely to cut interest rates again later this year to boost domestic demand and offset the impact of waning exports. It left its key interest rate unchanged at 3 percent Thursday.

EXPORTS DECLINE: South Korea's exports sank 8.8 percent in July, the biggest annual drop since October 2009. It is uncertain if consumer spending and corporate investment can entirely make up for the decline in exports. Consumer confidence is at a five-month low and retail sales have retreated for two straight months.

Source: http://news.yahoo.com/news-summary-skorea-central-bank-pessimistic-202016916--finance.html

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