South Korea's central bank again sharply lowered its growth outlook for the economy this year and froze its policy rate at a record low as uncertainties stemming from spiking virus cases heightened. The Bank of Korea (BOK) again trimmed its growth outlook for the year, expecting a 1.3 percent contraction amid the deepening virus fallout, Yonhap reports. The latest growth projection marked a sharp cut from the central bank's estimate in May of a 0.2 percent contraction. But the recent spike in virus cases and concerns about a nationwide pandemic have cast clouds on the Korean economy. South Korea's new virus cases spiked to a near six-month high of 441 today, with almost 4,000 new cases across the nation identified over the past two weeks.

Source: The Standard August 27, 2020 04:52 UTC