Bank of Korea Lowers 2012 Growth Forecast

The Bank of Korea cut it forecast for 2012 economic growth and inflation. The Bank of Korea now expects the economy to expand 3.0% this year, versus its April forecast for a 3.5% growth. It also lowered its outlook for next year's growth rate to 3.8%, versus 4.2%. Headline inflation is expected to drop to 2.7% this year.