South Korea's economy shrank more than initially estimated in the first qua...
FILE PHOTO: A man walks along the Cheonggye stream in central Seoul, South Korea January 25, 2017. REUTERS/Kim Hong-Ji
The country’s gross domestic product contracted by a seasonally adjusted 0.4% in the January-March period from the previous quarter, the Bank of Korea’s revised data showed, a notch faster than a 0.3% decline estimated earlier. “Treasury bond yields have already gone below the policy rate and today’s data, along with the market interest rates, will push the central bank for a rate cut,” said Oh Chang-sob, fixed-income strategist at Korea Investment & Securities.The BOK’s monetary policy committee held the benchmark interest rate unchanged last Friday but a split vote in the decision was widely interpreted by investors as a central bank signal of a rate cut in the near term.
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