The latest batch of data from Korea underline how much the economy has struggled in recent months. Despite the weak economy, the jump in inflation last month has dashed any hopes of a rate cut at the Bank of Korea’s August meeting. We are maintaining our view the BoK will cut rates in October.
Meanwhile, we have cut our GDP growth forecast for Taiwan for this year following the publication of data earlier this week which showed the economy slowed to a crawl last quarter.
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