The Bank of Korea(BOK) maintained its 2021 economic growth outlook of four percent on the back of expanding exports, growth in online spending and the government's fiscal policies to stimulate the economy.

The central bank unveiled the projection on Thursday, leaving it unchanged from its forecast issued in May after assessing that strengthened social distancing put in place in early July will not have a significant impact on economic recovery. 

In keeping the projection, the BOK also apparently took into account that the government is set to execute its second extra budget worth nearly 35 trillion won soon. 

According to the bank, credit card spending in July grew two-point-three percent from June and seven percent on-year, thanks to more people getting their COVID-19 vaccines and a rise in online purchases. 

Exports surged nearly 41 percent on-year in the first 20 days of August while the number of people with jobs grew by more than 540-thousand in July compared to the same period last year despite the prolonged pandemic. 

However, the central bank projected that the inflation rate would stand at two-point-one percent this year, which is up point-three percentage points from its previous outlook. The bank took into account the rise in the cost of oil and raw materials as well as the recovery in consumption.