Fri, 23 Apr 2021

SEOUL, Feb. 25 (Xinhua) -- South Korea's central bank on Thursday expected the country's gross domestic product (GDP) to grow 3.0 percent this year.

The real GDP, adjusted for inflation, was forecast to expand 3.0 percent in 2021, the Bank of Korea (BOK) said after freezing its benchmark interest rate at an all-time low of 0.50 percent at the regular rate-setting meeting.

It was unchanged from the BOK outlook unveiled three months earlier.

The real GDP contracted 1.0 percent in 2020, marking the first fall in 22 years on the back of the COVID-19 pandemic.

The BOK expected the real GDP to expand 2.5 percent in 2022, unchanged from the bank's previous forecast.

Outlook for headline inflation was set at 1.3 percent in 2021, up 0.3 percentage points from the previous estimate.

The headline inflation was predicted to post 1.4 percent in 2022, down 0.1 percentage point from the prior outlook.

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