Jong-Hoon Park, Economist at SC First Bank, "Korean Economy to Grow Around 3% This Year"

This year, opinions have been presented that South Korea's economic growth will record slightly lower performance than initially expected despite a recovery trend.

On the 21st, according to SC First Bank, Jonghoon Park, Chief Economist at SC First Bank, emphasized at the '2022 Global Research Briefing' event held the previous day, "The South Korean economy in 2022 will continue a moderate recovery phase, but due to high uncertainty in growth and inflation, it is expected to achieve economic growth around 3%, which is 1 percentage point lower than in 2021."

The event was held online by SC First Bank for domestic financial companies and general corporate clients. Eric Robertson, Global Head of Research at Standard Chartered (SC) Group, and Ding Shuang, Chief Economist for Greater China and North Asia, also attended.

Economist Jonghoon Park further analyzed, "We still judge that the South Korean economy will maintain a sound growth trend with figures exceeding the country's potential growth rate," adding, "With the expansion of vaccination and the easing of global quarantine systems, private consumption is expanding, and economic activities are smoothing due to increased external demand, so the economic recovery trend is expected to continue."

Eric Robertson stated, "The global economy will grow this year, but rapid interest rate hikes by the U.S. Federal Reserve and the slowdown in China's economic growth since the second half of last year may act as risks, making the recovery pattern unstable." Ding Shuang mentioned, "China's economy will grow by 5.3% in 2022, supported by accommodative monetary policy," and added, "The yuan will show short-term strength due to current account surpluses and inflows of foreign securities funds."

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