The Bank of Korea(BOK) has lowered its 2024 growth forecast for the country from two-point-five percent to two-point-four percent. 
 
The central bank on Thursday cut its growth outlook for this year by one tenth of a percentage point from its previous estimate in May, reflecting a zero-point-two percent contraction of the economy in the second quarter and the slow recovery in domestic demand. 

This adjustment follows a significant upgrade in May, when the BOK raised its growth forecast from two-point-one percent to two-point-five percent, after the economy grew one-point-three percent in the first quarter. 

The BOK’s revised outlook is lower than the two-point-six percent forecast by the government and the Organization for Economic Cooperation and Development(OECD), and below the two-point-five percent forecast by the Korea Development Institute(KDI) and the International Monetary Fund(IMF).

The central bank maintained its growth outlook for next year at two-point-one percent. 

However, the BOK also lowered its inflation outlook for this year to two-point-five percent, down from its earlier estimate of two-point-six percent.