A state-run think tank says the economy has already passed its peak in the first half of this year.

The Institute for Monetary and Economic Research, an affiliate of the Bank of Korea, said in its report Wednesday that the economy had entered an upward phase in the first quarter of last year and had peaked in the fourth quarter.

The report said that the economy seems to have passed its peak in the first quarter of this year, which implies that the economy is now due for a downturn.

With this in the forecast, experts cautiously predict that the central bank will change its monetary policy.

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