Economics

Bank of Korea Governor Says Recovery Hinges on Containing Latest Wave

The empty Hongdae shopping district in Seoul, Dec. 14. — The empty Hongdae shopping district in Seoul, Dec. 14.
Photographer: SeongJoon Cho/Bloomberg

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By Sam Kim (News)

December 17, 2020 at 7:17 AM UTC

This article is for subscribers only.

South Korea’s pace of economic recovery hinges on its success in controlling the latest coronavirus wave, Bank of Korea Governor Lee Ju-yeol said.

“If the spread of infections isn’t curbed, the hit to consumption would definitely serve as a factor lowering the growth estimate for next year,” Lee said Thursday in a media briefing. The BOK last month forecast the economy to grow 3% next year after contracting 1.1% in 2020.