Lee Chang-yong, Governor of the Bank of Korea, Says "Urgent Structural Reforms Needed to Address Weakening Growth Potential"

Governor Lee Chang-yong's Lecture at National Assembly Forum

Lee Chang-yong, Governor of the Bank of Korea

Lee Chang-yong, Governor of the Bank of Korea, stated on the 28th that "structural reform is urgently needed to address the weakening growth potential caused by ultra-low birth rates and rapid aging."

Governor Lee made these remarks during a lecture at the inaugural general meeting of the "Korea Transition and Future Forum" held at the National Assembly Members' Office Building in Yeouido that morning.

According to the office of Park Hong-geun, co-representative of the forum and a member of the Democratic Party of Korea, Governor Lee pointed out that "Korea's ultra-low birth rate problem stems from the heavy burdens associated with childbirth and child-rearing," adding, "Underlying this are complex factors such as excessive concentration in the Seoul metropolitan area, overheated competition in university entrance exams, high housing costs, and the burden of essential living expenses."

He expressed concern that "considering the rapid aging speed and the highest elderly poverty rate among OECD countries, issues such as labor shortages in elderly care services and rising care costs will become increasingly serious."

Governor Lee emphasized, "Solving structural problems caused by low birth rates and aging is not easy due to the complex intertwining of interests among various social groups," but stressed, "There is no longer any room to delay structural reform."

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