Gareth Leather, senior Asia economist at Capital Economics, pointed out in a report that the Bank of Korea may cut interest rates at the last two policy meetings of this year (in October and November) because economic growth will lose momentum. The main factor may be weaker domestic demand, falling real income, tighter fiscal policy and a renewed downturn in the real estate market will put pressure on the economy. He expects South Korea's GDP to grow by 2.0% in 2024, lower than the 2.5% forecast by the Bank of Korea and the 2.6% estimated by the government think tank.