Jonghoon Park, Chief Economist at SC First Bank, "Bank of Korea Will Not Raise Interest Rates Sharply Further"

SC First Bank Hosts '2021 Second Half Global Research Briefing' Event

On the 7th, Park Jong-hoon, Chief Economist at SC First Bank (from the left), Ding Shuang, Global Head of Commodity Research at SC Group, and Eric Robertson, Global Head of Research, discussed the global economic outlook at the '2021 Second Half Global Research Briefing' event. Photo by SC First Bank

[Asia Economy Reporter Song Seung-seop] Park Jong-hoon, Chief Economist (Executive Director) at SC First Bank, stated, "Due to concerns over the tapering of the US quantitative easing, the Bank of Korea will not sharply raise interest rates further," and added, "I expect that the economy will not contract due to a sudden liquidity reduction."

At the ‘2021 Second Half Global Research Briefing’ event hosted by SC First Bank on the 7th of this month, Executive Director Park said, "In Korea’s case, interest rates will be raised earlier than in the US due to household debt and rising asset prices."

This event was organized to forecast and discuss domestic and international economic trends with domestic financial companies and general corporate clients. The lectures were delivered by Eric Robertson, Global Head of SC Group Research; Ding Shuang, Senior Economist; and Paul Hosnell, Global Head of Commodity Research. Executive Director Park served as the moderator. About 200 domestic financial companies and 200 corporate finance and strategy officers participated. Due to the COVID-19 situation, the event was conducted via live streaming on YouTube.

During the lectures, they covered economic growth by major regions worldwide following economic recovery and policy normalization, as well as outlooks on oil and commodity markets and issues related to China. They also discussed expectations for economic recovery with the acceleration of vaccine rollouts and central banks’ efforts to manage inflation at appropriate levels. Among clients, questions arose regarding how the varied pace of global economic recovery affects each company’s overseas business.

Eric Robertson, the head, said, “Central banks of major countries, including the US Federal Reserve, have begun to mention the normalization of monetary policy,” and added, “We must seriously consider the impact that gradual normalization of monetary policy will have on the global economy and financial markets.”

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