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Sustainability in exports recovery doubtful on protectionist concerns: BOK Gov

Collected: 2017.04.05

Distributed: 2017.04.06

Source: Go Direct

Korea must reinforce grounds for job and income growth to bolster the domestic demand as sustainability in recovery led by exports remains doubtful due to uncertainties on the trade front, said Bank of Korea Governor Lee Ju-yeol Wednesday.

“Sentiment is improving thanks to pickup in exports, but we cannot be optimistic about the sustainability in export conditions due to signs of trade protectionism in key markets,” he said in a seminar of economic experts.

“Policy attention should go to aiding sluggish consumption. That cannot be resolved unless income source strengthens from job security,” he said.

The service sector can generate jobs twice more than the manufacturing sector. He called upon the government to lift various regulations hampering expansion and advance in the service sector.

By Boo Jang-won

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