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April 26, 2018

BOK chief, finance minister vow to manage risky factors to fuel economic growth in 2018

PUBLISHED : January 04, 2018 - 15:17

UPDATED : January 04, 2018 - 15:17

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[THE INVESTOR] South Korea‘s top economic policymakers said on Jan. 4 that they will do their best to manage economic and financial risks in a way that maintains economic growth momentum in the new year.

“Despite some downside risks at home and abroad, the South Korean economy pulled off favorable growth last year thanks to strong fiscal policies,” Bank of Korea Gov. Lee Ju-yeol said in a breakfast meeting in Seoul with Finance Minister Kim Dong-yeon.

“This year, we expect the economy to continue on with the recovery pace, but there are still risky factors that require us to remain vigilant.”

Finance Minister Kim also said he will cooperate with the central bank to reach a target of 3 percent growth in 2018.

“This meeting is to share our views on the economic environment and policies and risk factors and seek ways to enhance policy coordination between the fiscal and monetary authorities,” Kim said.

The Lee-Kim gathering on Jan. 4 is their fourth round of such policy talks since Kim’s inauguration in June last year.

Earlier, the Finance Ministry said Asia‘s fourth-largest economy is expected to grow by 3 percent this year, following last year’s estimated 3.2 percent expansion. The ministry also vowed to implement economic policy aimed at boosting job creation and innovative growth, which will improve quality of life.

Backed by solid economic growth and a rise in income, South Korea‘s per capita gross domestic product is widely forecast to surpass the landmark US$30,000 threshold in the coming months.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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