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Biz News Korea(Eng)

Korean economy uncertain on keeping up slow recovery, BOK governor

Collected: 2016.10.26

Distributed: 2016.10.27

Source: Go Direct

Bank of Korea Governor Lee Ju-yeol maintained that the economy was growing albeit slowly against various challenging domestic and external factors thanks to policy efforts, but whether it will stay in the recovery pace is unclear.

There were various factors weighing on the economy’s growth prospects, he said after the central bank on Tuesday released the 0.7-percent on-quarter gain in the third-quarter gross domestic product.

He cited corporate restructuring, anti-graft law, discontinuation of Galaxy Note7, potential slowdown in the construction sector that has been the sole area with industrial vitality, and increasing protectionist movement on the external front as some of the dangers that could further hurt the domestic economy.

“How we (the government and central bank) deal with these challenges would be important,” he said.

The central bank maintained that the economy would gain by targeted 2.7 percent on year for full 2016.

By Chung Ui-hyun

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