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Bank of Korea forecasts S. Korean economy to shrink 1.3% in 2020 on virus woes Updated: 2020-08-27 10:01:54 KST

South Korea's central bank forecasts the country's economy to shrink one.three percent this year, a downward revision from its previous estimate of a point-two percent contraction.
This comes as the economy has been suffering due to the COVID-19 pandemic.
The Bank of Korea said private consumption isn't improving and job losses keep racking up.
It also kept South Korea's benchmark interest rate unchanged at half-a-percent.
The decision was made Thursday during the Bank of Korea's monetary policy meeting.
Policymakers have concerns the record low rate is at a point where further cuts would do more harm than good.
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