Bank of Korea Trims 2012 GDP Growth Forecast to 3.5%

The Bank of Korea lowered its economic growth forecast for the year amid volatile oil prices and persistent worries about Europe’s debt crisis while its inflation projection was also trimmed.

Asia’s fourth-largest economy will expand 3.5 percent in 2012, compared with the 3.7 percent growth estimated in December, the central bank said today in a statement. Consumer prices are expected to rise 3.2 percent, lower than an earlier forecast of a 3.3 percent gain.