South Korea raises growth forecast

South Korea’s central bank on Thursday raised its 2017 growth forecast for the economy, to reflect the altered economic situation at home and abroad. Bank of Korea Governor Lee Ju-yeol announced the upward revision, following a rate-setting meeting where Lee and other monetary policy board members decided unanimously to freeze the benchmark rate at an all-time low of 1.25 percent. The rate was lowered to the current level in June last year. The BOK’s growth outlook for this year was revised up to 2.8 percent, from the 2.6 percent target unveiled three months earlier. The BOK’s upgraded outlook was higher than the figures disclosed by local economic think tanks, which ranged from 2.5 percent to 2.6 percent.