Bank of Korea said, "Economy in the aftermath of martial law 0.2%P↓...1.6% to 1.7% growth rate"

The Bank of Korea estimated that the economic growth rate will be reduced by 0.2%p this year in the aftermath of the emergency martial law in December last year.

The economic outlook for November last year projected growth of 1.9% for the year, but as of this month it was forecast to be downgraded to 1.6-1.7%.

The growth rate in the fourth quarter of last year is also likely to be 0.2% below the previous forecast of 0.5%.

As a result, last year's annual growth rate was also expected to be 2-2.1%, below the previous 2.2%.

The BOK explained that it was the result of a faltering domestic demand, including consumption, due to a contraction in economic sentiment due to the plane disaster amid political uncertainty triggered by the emergency martial law crisis.