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South Korea’s Central Bank Says Covid-19 Rise Won’t Derail Economic Recovery

Bank of Korea issues a brighter outlook, forecasting a 1.1% contraction this year rather than the 1.3% it had expected

11/27/2020 10:00:00 AM

Bank of Korea issues a brighter outlook, forecasting a 1.1% contraction this year rather than the 1.3% it had expected

South Korea’s central bank issued a brighter forecast for the economy— saying it would contract 1.1% this year rather than the 1.3% it earlier expected—even as the daily count of new coronavirus cases hit its highest since March.

Updated Nov. 26, 2020 8:50 am ETSEOUL—A jump in Covid-19 cases won’t knock South Korea’s economic recovery off track, the country’s central bank said.The Bank of Korea on Thursday forecast the economy would contract 1.1% this year, an improvement on its earlier expectation for a 1.3% drop. The brighter outlook came as the country recorded its highest number of daily coronavirus cases since March 1, when it was suffering the worst outbreak outside China. The rise in infections was factored in, the bank said.

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