'Bank of Korea-KDI Labor Market Seminar' Welcome Address
"No Fruit Hangs Low" Emphasizing the Urgency of Structural Reform
Lee Chang-yong, Governor of the Bank of Korea, said on the 5th, "It is difficult to reach consensus among all stakeholders during the structural reform process, and short-term pain or sacrifice is involved."
Governor Lee attended the '2024 Bank of Korea-KDI Labor Market Seminar' held at the Bank of Korea headquarters in Jung-gu, Seoul, and expressed regret that the consensus on structural reform has not yet translated into policy and substantial change.
He emphasized the urgency of structural reform, stating, "We no longer have low-hanging fruit, and to harvest the high-hanging fruit, difficult structural reforms are necessary."
The Bank of Korea held its first labor market seminar last year and hosted the second seminar this year in collaboration with KDI. Governor Lee explained, "Some may wonder why a central bank, whose primary task is to conduct monetary policy, holds a labor market seminar. However, it is difficult to properly understand the macroeconomic situation without considering the labor market, so understanding the labor market is closely related to the central bank's work."
He added, "In particular, the decrease in labor supply and the recovery process after the pandemic were among the important factors affecting the economic and price trends of each country," and further noted, "The rapid changes in demographic structure have a significant impact on the labor market and macroeconomy in the mid to long term."
He continued, "I hope this seminar will not only enhance understanding of the labor market but also serve as a starting point for achieving social consensus with the determination that breaking the egg involves pain in order to accomplish structural reform."
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