[2024 National Audit] Lee Chang-yong "Annual Growth Rate to Decline... Expected 2.2~2.3%"

Lee Chang-yong, Governor of the Bank of Korea, assessed that this year's gross domestic product (GDP) growth rate will be lower than 2.4%.

Lee Chang-yong, Governor of the Bank of Korea, is responding to lawmakers' questions during the audit of the Ministry of Economy and Finance and the Bank of Korea at the Planning and Finance Committee of the National Assembly held on the 29th.

On the 29th, at the comprehensive audit of the National Assembly's Planning and Finance Committee held in Yeouido, Seoul, in response to a question from Im Kwang-hyun, a member of the Democratic Party of Korea, asking, "Isn't the red light on for achieving the annual economic growth rate of 2.4%?" Governor Lee said, "There is definitely a high possibility that it will be lower," adding, "Depending on the fourth quarter results, I think it will fall to around 2.2 to 2.3%."

Regarding the third quarter growth rate, Governor Lee explained, "Exports have not decreased in terms of value, but they have decreased in terms of quantity, so I am seriously considering how to interpret this," and added, "There may be temporary factors such as the automobile strike, and although unit prices are rising in sectors like chemical products and semiconductors, there may be issues with quantities not increasing due to competition with China."

He continued, "The annual growth rate is still above the potential growth rate, so there is no need to be alarmed," but added, "However, whether this will continue next year or not is a matter that requires further analysis of the quantities and values before providing an answer."