Wed, Feb 01, 2023 @ 09:10 GMT
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BoK Lee: recovery to remain weak as virus cases resurged

Bank of Korea Governor. Lee Ju-yeol told the National Assembly, “after suffering sharp deterioration, the Korean economy showed some signs of an improvement on eased slumps in exports and consumption.”

But he warned, “as virus cases have recently resurged, the economic recovery is expected to remain weak, and economic uncertainty has further heightened.” “We will also closely monitor changes in financial stability, stemming from growing household debt amid rising home prices and excessive cash inflows to the housing market”.

BOK lowered policy rate to record lower of 0.50% in May. It’s expected to stand pay at the meeting on Thursday. South Korean economy contracted -3.3% qoq in Q2, worst in over two decades.

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