Lee Ju-yeol "Possibility of Negative 1% Growth Rate This Year Not Ruled Out"

[Image source=Yonhap News]

[Asia Economy Reporter Eunbyeol Kim] Lee Ju-yeol, Governor of the Bank of Korea, said on the 24th that the possibility of the economic growth rate recording a negative 1% range this year cannot be ruled out.

During a briefing to the National Assembly's Planning and Finance Committee, Governor Lee responded to a question from Chu Kyung-ho, a member of the United Future Party, asking whether he sees the growth rate this year possibly falling to -0.8% or even the negative 1% range, no matter how optimistic the outlook is.

He emphasized a cautious stance, saying "It is necessary to review the numbers a bit more," but also answered that the growth rate might need to be significantly lowered from the May forecast of -0.2%, and the possibility of -1% cannot be excluded.

Regarding the global number of confirmed cases of the novel coronavirus disease (COVID-19) increasing much more than expected, he added, "It has increased considerably more than anticipated," and "The more important factor depends on how economic quarantine measures are implemented."

This content was produced with the assistance of AI translation services.