South Korea potential growth rate estimated around 2%, central bank says

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SEOUL : South Korea's potential economic growth rate is estimated to have fallen to around 2 per cent and is projected to fall further below 1 per cent by the late 2040s due to a lack of innovation and inefficient resource allocation, the central bank said on Thursday.

"But, the abovementioned result is not a given condition and can differ greatly depending on how we respond through structural reforms," the BOK said.

FILE PHOTO: The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, July 14, 2016.

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Category: EconomyBusiness

Markets: SingaporeSouth Korea

Topics: Innovation Bank Seoul Rate South Growth Cent Range Building Potential Korea

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-19 @ 11:06:43 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 302 words

Reading Time: 2 minutes read

Sentences: 10 lines

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Copyright Owner: © Channel News Asia

News ID: 24543404

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