Nomura Securities: South Korea's Central Bank may lower GDP expectations at the November meeting.

On October 25th, Nomura Securities economist Jeong Woo Park wrote in a report that the South Korean Central Bank may lower its 2024 GDP growth forecast from 2.4% to 2.2% at the November policy meeting. Park also expects the Central Bank of Korea to lower its GDP forecast for 2025 from the previous 2.1% to 2.0%. He said that the expected downgrade was to reflect the country’s disappointing third-quarter GDP growth, slowing exports, and mild recovery in private consumption. Nomura Securities expects the Central Bank of Korea to stand pat in November after cutting interest rates in October; the bank is expected to cut interest rates by 25 basis points each in January, February, and May next year.