0609 GMT - Rising risks facing South Korea's economy prompt UOB Global Economics & Markets Research to cut its 2025 growth forecast to 1.7% from 2.0%. The economy disappointed in 4Q, and has been sequentially flat in the last three quarters, failing to sustain the recovery seen earlier in the year, Ho Woei Chen says. While semiconductor production and investment offer tailwinds, uncertainties from U.S. tariffs and domestic political turmoil look significantly negative. Following a dovish pause this month, UOB expects BOK to make a 25bp cut in February. A prolonged political crisis would boost the risk of a deeper cut to limit economic fallout. Conversely, a shallower U.S. easing cycle could limit BOK's room for easing. For now, UOB factors in a total of 50 bps in BOK cuts this year. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 01:09 ET (06:09 GMT)
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