South Korea economy

Kang Min-Joo

Inserted 1 year ago

“The upbeat result would give the BOK some relief that it can focus on its inflation-targeting mandate for the time being. The main surprise was, of course, stronger than expected consumption, which was mainly driven by the reopening. However, we think that the reopening-boosted spending is expected to lose its initial steam and normalise in the current quarter. And, going forward, consumer's purchasing power is expected to weaken as the faster-than-expected interest rate hikes should put more burden on debt payment and consumer spending, while inflation is expected to accelerate during the current quarter.”

Aljazeera

Senior economist for South Korea and Japan at ING

26 Jul 2022 4 2

Bank of Korea

Inserted 1 year ago

“The future price trend is expected to surpass our forecast made in May given changes in various circumstances, including accelerating international oil prices. There is a possibility that this year's price growth exceeds the level (of 4.7 percent) in 2008. Going forward, consumer prices will likely continue their upward move by staying over a 5 percent rise for the time being as inflation pressures are mounting from both the supply and demand sides.”

Koreatimes

Bank of Korea biannual report

21 Jun 2022 3 3

Yoon Seok-youl

Inserted 2 years ago

“I will try to help shift the focus of our economy from government-led growth to private sector-led growth to help the free-market economy work better. The government is focused on establishing infrastructure so that companies - regardless of their size - will spearhead the creation of jobs and make investments, which will eventually help the nation grow.”

Koreatimes

South Korea President-elect

21 Mar 2022 5 3

Han Ji-young

Inserted 2 years ago

“One of the reasons why the U.S. and Korean stock markets continue to decouple is that the U.S. is enjoying a relative advantage in growth during the third-quarter earnings season. In the end, what is key in resolving the decoupling is a recovery of earnings in our emerging market.”

Koreatimes

Analyst at Kiwoom Securities

13 Nov 2021 5 3

Lee Kyoung-min

Inserted 2 years ago

“One of key reasons behind the decoupling is supply chain bottlenecks. Emerging economies' industrial structures, including that of Korea, have a huge dependency on external markets, which makes the country's economy more susceptible to prolonged global supply chain disruptions. Exacerbated concerns over global supply chains due to power shortages in China are one of the reasons for Korean stock markets faltering.”

Koreatimes

Strategist at Daishin Securities

13 Nov 2021 4 5

Son Yang-hoon

Inserted 2 years ago

“The effects of greenflation are feared to be felt across every corner of society, including households. The bigger concern is that such greenflation may persist and be passed on to future generations if it is not tackled properly.”

Koreatimes

Incheon National University professor

19 Oct 2021 1 3

In-ho Lee

Inserted 2 years ago

“The recovery of the Korean economy is underpinned almost entirely by strong exports and fiscal spending. Private consumption tightening is concerning since it is directly linked to how the ordinary citizens feel about their financial condition, a reason why the central bank will need to closely monitor data points arriving in the coming months before raising the key rate.”

Koreatimes

Seoul National University economist

10 Sep 2021 5 4

Park Jong-seok

Inserted 2 years ago

“We can say for sure that the benchmark rate hike will generate meaningful effects in terms of controlling the pace of the sharp rise in housing prices and household debt, but the level of the effects will depend on the market circumstances, so we need to keep paying attention. The timing of the readjustment of our monetary policy will depend on the future course of economic growth, prices and financial imbalance here. One major precondition for our additional rate hike is the economy's robust recovery.”

Koreatimes

Bank of Korea deputy governor

09 Sep 2021 5 2

Kim Jin-bang

Inserted 2 years ago

“The gap between those who have assets and those who don't has expanded dramatically. The gap has also widened among those who do have assets, depending on where they own property. In the past, one could accumulate assets by saving their income, but now it has become almost impossible to make up for that gap through earned income or savings.”

Koreatimes

Professor of economics at Inha University

09 Sep 2021 1 4

Won Joo

Inserted 2 years ago

“The fact that the two economic indicators [Industrial output - Retail sales] jointly went downhill again, as in May, suggests that the fourth wave of the coronavirus has begun to undermine the economic recovery.”

Koreatimes

Deputy director of the Hyundai Research Institute

31 Aug 2021 5 3

Hong Nam-ki

Inserted 2 years ago

“The government will provide support to strengthen fiscal, tax, financial and institutional support for the crucial industries [future vehicles, bio healthcare and semiconductors] to achieve rapid growth and solidify their standing on the global stage. The growth of the three industries will not only contribute to overcoming the pandemic-triggered health and economic crisis, but also lay the foundation for the country's sustainable growth in the years to come.”

Koreatimes

Minister of Economy and Finance and Deputy Prime Minister of South Korea

30 Aug 2021 3 2

Sang-hyun Park

Inserted 2 years ago

“Korea's exports have entered a super-cycle, but it is showing a different pattern in that this is driven by developed nations - such as the U.S. - unlike ones in the past when China drove Korea's export super-cycles. This means China's economic doldrums or financial market instability will have a limited impact on the Korean economy.”

Koreatimes

Chief economist at HI Investment & Securities

10 Aug 2021 3 6

Kang Nam-hoon

Inserted 2 years ago

“The times have changed. In the past, we believed only those in extreme poverty were in a difficult situation, but today those in the middle class are also having difficulties, with many of them in irregular jobs. Such promises of handing out money, especially Governor Lee's [Lee Jae-myung] basic income policy pledge, are reflecting the changes.”

Koreatimes

Professor at Hansin University

09 Aug 2021 2 6

Moon Sung-wook

Inserted 2 years ago

“Last month, we recorded the highest export rate for the first half of the year. In July, we have recorded the highest export rate for July, since the country started to compile trade data in 1956. The faster-than-expected global economic recovery has provided strength to the country's export capabilities.”

Koreatimes

South Korea Minister of Trade, Industry and Energy

01 Aug 2021 1 3

Sang-hyun Park

Inserted 2 years ago

“I think the possibility of a contraction in the third quarter is slim. The country's exports and investment still show a sturdy flow, and if a supplementary budget passes the National Assembly in August, its positive impact could soon be reflected in the economy.”

Koreatimes

Chief economist at HI Investment & Securities

20 Jul 2021 2 3

Moon Jae-in

Inserted 2 years ago

“The enhanced initiative will prioritize digital, green and balanced growth, and strengthening the social safety net. The Korean New Deal will continue evolving to meet the needs of the times. We can use a crisis as an opportunity to change the structure and foundation that causes danger. The drive will transform the country by turning the crisis into an opportunity for the future.”

Koreatimes

President of South Korea

14 Jul 2021 1 3

Hong Nam-ki

Inserted 3 years ago

“We urgently need to ease existing regulations to provide subsidies for purchasing eco-friendly cars and installing more recharging facilities so that we can consequently achieve our goal, which is to distribute more than 300,000 eco-friendly cars within this year.”

Koreatimes

Minister of Economy and Finance and Deputy Prime Minister of South Korea

27 Feb 2021 1 3

Lee Jae-myung

Inserted 3 years ago

“Our people have rose from the ashes whenever we experienced difficult times by turning crisis into opportunity. Our industry faced small setbacks due to Japan's export curbs in 2019, but we are again turning this crisis into an opportunity. The cluster will help local materials, parts and equipment companies in the chip industry achieve technological independence and lead the global supply chain.”

Koreatimes

Governor of the Gyeonggi Province (South Korea)

27 Feb 2021 1 4

Sung Yun-mo

Inserted 3 years ago

“An industry can enhance its capability and achieve innovation when it is able to secure a stable supply chain of materials, parts and equipment. The industrial clusters will become a starting point of achieving that goal.”

Koreatimes

South Korea Industry Minister

27 Feb 2021 0 2

Moon Jae-in

Inserted 3 years ago

“The pain our people have endured is immeasurable. Not only those who have been infected with COVID-19 or have experienced death in their families from the pandemic, but also those who are struggling to make ends meet from the economic shock are dealing with an unprecedented ordeal. The frozen job market and loss of jobs are painful for those who have been affected and there are people who have been forced into unpaid leave. The government will never forget their hardships and will do our best to help them overcome the difficulties.”

Koreatimes

President of South Korea

28 Dec 2020 4 3

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“One of the reasons why the U.S. and Korean stock markets continue to decouple is that the U.S. is enjoying a relative advantage in growth during the third-quarter earnings season. In the end, what is key in resolving the decoupling is a recovery of earnings in our emerging market.”

“The effects of greenflation are feared to be felt across every corner of society, including households. The bigger concern is that such greenflation may persist and be passed on to future generations if it is not tackled properly.”

“The fact that the two economic indicators [Industrial output - Retail sales] jointly went downhill again, as in May, suggests that the fourth wave of the coronavirus has begun to undermine the economic recovery.”

“I think the possibility of a contraction in the third quarter is slim. The country's exports and investment still show a sturdy flow, and if a supplementary budget passes the National Assembly in August, its positive impact could soon be reflected in the economy.”

“We urgently need to ease existing regulations to provide subsidies for purchasing eco-friendly cars and installing more recharging facilities so that we can consequently achieve our goal, which is to distribute more than 300,000 eco-friendly cars within this year.”

“An industry can enhance its capability and achieve innovation when it is able to secure a stable supply chain of materials, parts and equipment. The industrial clusters will become a starting point of achieving that goal.”

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