(MENAFN) The South Korean central bank lowered its 2014 growth forecasts to 3.8 percent from an earlier 4 percent, Xinhua reported.
The downward was mainly attributed to the reluctant private consumption, which was caused by the deadly ferry sinking disaster.
The bank froze interest rate in the country at 2.5 percent for 14 months in a row, the Governor of Bank of Korea announced.
Many think tanks, including the state-run Korea Development Institute, have recently lowered their 2014 growth forecasts by 0.2- 0.3 percent.
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