(MENAFN- Saudi Press Agency) South Korea's central bank cut its forecast of growth
for the year from 3.1 to 2.8 per cent Thursday on the back of the
ongoing outbreak of Middle East Respiratory Syndrome in the country,
low rainfall, and a drop in exports, a news report said, according to dpa.
In its previous quarterly outlook in April the Bank of Korea had
dropped the forecast growth from 3.4 per cent.
Bank governor Lee Ju Yeol said the latest downgrade followed
weaker-than-expected growth in the second quarter, attributed to the
MERS outbreak that has claimed 35 lives since May, Yonhap News Agency
reported.
The health scare dampened consumer spending, exacerbating the impact
of slumping exports in the April-June period, and of the ongoing
drought, he said.
Recent monitoring showed an improvement in consumption, he said,
indicating a likely recovery in the third quarter.
The death rate from MERS in South Korea has fallen sharply, with two
people confirmed killed by the disease in the past week.
The number of people still hospitalized has gone down to 31, with 120
confirmed patients now discharged following recovery. The number
still in isolation fell from 811 on Wednesday to 689, Yonhap
reported, citing the Health Ministry.
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