Lee Chang-yong "If Young People Continue Like This, They Will Only Provide 'Parental Care'... Support Systems Must Be Established"

Bank of Korea and KCCI Seminar
"Bank of Korea's Forecast Could Change If Oil Price Reaches $90"

Lee Chang-yong, Governor of the Bank of Korea, stated on the 1st, "In the future, the work young people do will inevitably shift towards quitting their jobs to take care of their elderly parents," adding, "We must address this issue."

Governor Lee made these remarks during a dialogue with Professor Lee Jong-hwa of Korea University's Department of Economics at the BOK-KCCI seminar titled "How to Overcome Global Trade Headwinds," jointly hosted by the Bank of Korea and the Korea Chamber of Commerce and Industry.

He said, "While it is good for young people to create innovative companies, given the aging population phenomenon, it seems that the work young people do will inevitably move towards caring for their elderly parents. The situation will be more serious if social security systems are not properly established."

He particularly noted, "In a society like ours, rooted in Confucian culture where parents have fully educated their children and expect their children to help when they are sick, many citizens will face similar problems."

He continued, "For young people in our country to demonstrate creativity, there must be a system that supports and helps care for sick parents," emphasizing, "Even if structural reforms to increase productivity succeed, these issues must be resolved."

Regarding inflation, Governor Lee said, "Inflation appeared to be stabilizing, but concerns have grown since August and September due to fluctuations in oil prices," adding, "If oil prices reach $90 next year, the Bank of Korea's forecasts could change significantly." He expressed concern, saying, "While we cannot make assumptions in advance, it is a time to manage risks."

On the outlook for prolonged high international interest rates, he explained, "In the past six months, market expectations that long-term interest rates would soon decline have disappeared," attributing this to "the expansion of government fiscal deficits and the climate crisis."

Lee Chang-yong (left), Governor of the Bank of Korea, and Lee Jong-hwa, Professor of Economics at Korea University, are attending the "2nd Bank of Korea-Korea Chamber of Commerce and Industry Seminar" held at the Bank of Korea in Jung-gu, Seoul, on the 1st, engaging in a discussion. Photo by Jinhyung Kang aymsdream@

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