Bank of Korea sharply raises GDP growth forecasts for this year and next; inflation expectations also rise

The Bank of Korea released its monetary policy statement on Thursday, announcing that the interest rate decision for the day was unanimously approved by the Monetary Policy Committee. Combined with previous decisions, the Bank of Korea continued to keep the benchmark seven-day repurchase rate unchanged at 3.00%. While holding rates steady, the central bank showed greater confidence in the macroeconomic outlook, explicitly stating that South Korea's economic growth rates for 2026 and 2027 will be "significantly higher" than the forecasts made in August this year.