[2023 National Audit] Lee Chang-yong "Growth Rate Below Potential Growth Rate... Current Economic Recession Confirmed"

Bank of Korea National Audit on the 23rd
"Monitoring Israel-Palestine Situation and Reviewing Next Year's Growth Rate"

Lee Chang-yong, Governor of the Bank of Korea, stated on the 23rd, "Since the current growth rate is lower than the potential growth rate, it is indeed a recession period."

Governor Lee made this remark during the National Assembly's Planning and Finance Committee's audit of the Bank of Korea, in response to Hong Young-pyo, a member of the Democratic Party of Korea, who asked, "This year's economic growth forecast of 1.4% is lower than the potential growth rate, and growth in the 1% range has rarely occurred except in special cases. Does this mean we have entered a recession?"

Regarding the Bank of Korea's revised economic forecast to be announced next month, he said, "The growth forecast for this year seems to be around 1.4%, but whether it will be lowered or adjusted depends on the data," adding, "We had expected next year's growth rate to be 2.2%, but we need to review it again from scratch after observing how the Chinese economy and the Middle East situation develop over the next month."

To Seo Young-kyo, a Democratic Party lawmaker who pointed out that the current economy is in the 'worst situation,' he responded, "It is difficult to agree that it is the worst situation compared to other countries," and argued, "Looking at advanced countries, South Korea's economic level is better than other countries except the United States."

[Image source=Yonhap News]

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