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(LEAD) BOK raises S. Korea's economic growth outlook to 2.8 pct

All News 11:50 July 13, 2017

(ATTN: UPDATES with Lee's comments)

SEOUL, July 13 (Yonhap) -- South Korea's central bank on Thursday revised up its growth outlook for Asia's fourth-largest economy this year to 2.8 percent from 2.6 percent.

Bank of Korea (BOK) Gov. Lee Ju-yeol announced the estimate in a news conference after the Monetary Policy Board kept its policy rate at an all-time low of 1.25 percent in July.

Lee said the BOK's latest revision did not take into account the extra budget of 11.2 trillion-won (US$9.83 billion) being sought by the government.

The government submitted the extra budget to the National Assembly in June, though parliament has yet to review the bill due to a political standoff.

The supplementary budget -- the first since President Moon Jae-in took office in May -- is designed to help create jobs and fuel the recent recovery momentum in the economy.

The BOK's gross domestic product (GDP) growth estimate for 2017 is 0.2 percentage point higher than the central bank's estimate released in April.


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