S.Korea’s Q2 GDP slows 0.2%, upholds rate cut expectations

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S.Korea’s Q2 GDP slows 0.2%, upholds rate cut expectations - Korea Economic Daily

Quick Summary:

On Tuesday, he said the timing to consider an interest rate cut has arrived as inflation cools.“Looking at inflation only, the timing is sufficient to consider a rate cut,” Rhee told reporters on the sidelines of the 2024 Global Economy & Financial Stability Conference held in Seoul.“An appropriate time has arrived to think about how to move while looking at financial stability as well.”His comment comes amid growing concerns that the central bank might have missed the right timing for a rate pivot.

APPROPRIATE TIME TO CONSIDER A RATE CUT Coupled with eased inflation in August, the country’s growth moderation is expected to further heighten expectations for a rate cut by the BOK next month after the central bank kept the policy rate at 3.50% for the longest 13th straight month last month.

South Korea’s economic growth slowed in the second quarter on weaker domestic consumption and investment by private businesses, heightening expectations for a rate cut next month.