Bank of Korea rate hike +25bps as expected

Base rate to 2.5% (from 2.25%)

Forecast revisions from the Bank:

• lowers 2022 growth outlook from 2.7% to 2.6%
• growth forecast for 2023 is 2.1%
• raises 2022 inflation outlook from 4.5% to 5.2%
• 2023 CPI forecast is 3.7%

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Background to this is here:

Bank of Korea monetary policy meeting today, 25bp rate hike widely expected