Lee Chang-yong "The Global Economy Is Poor, Our Country Can't Be the Only One Doing Well" (Comprehensive)

Special Lecture at Sogang University on the 30th
"Korea, Dependent on Exports, Needs an International Perspective"
"Message from Bank of Korea Will Be Accepted in 10 Years"

Lee Chang-yong, Governor of the Bank of Korea, emphasized that regarding the economic growth rate, "For a country like ours that depends on exports, it is impossible for only us to do well when the global economy is performing poorly," and stressed that policies should be implemented by comparing the economic policies of different countries.

Bank of Korea Governor Lee Chang-yong is giving a special lecture on the theme "People Leading the World in the Global Era" on the 30th at the Seong Ignatius Hall auditorium of Sogang University in Mapo-gu, Seoul. (Photo by Park Jaehyun)

Governor Lee made these remarks on the 30th during a special lecture titled "People Leading the World in the Global Era" held at the small auditorium of St. Ignatius Hall at Sogang University in Mapo-gu, Seoul.

He highlighted the importance of an international perspective, saying, "If the whole world is growing at 4-5%, it is good, but if our potential growth rate is 2%, it is low. However, if the global growth is 0%, then our 2% is high," and added, "Policies should be implemented by comparing with other countries."

He also reiterated the need for changes in the university admission system through regional proportional selection. He said, "On average, 84% of students are from provinces and about 16% are from Seoul, so each university should select students according to these proportions," emphasizing, "It may not be a panacea, but this is the normalization of abnormality and could be a starting point to change the concentration in the metropolitan area."

Regarding the Bank of Korea voicing opinions on structural reforms such as education and climate issues recently, he stated, "There are other experts in education and agriculture, but at least if we conduct research and present our views, I believe the effects will come soon," and expressed confidence, "When aging begins, about 10 years later, people will accept that what the Bank of Korea said was correct."

In response to an audience question on how to restore the middle class, he diagnosed, "It is true that vulnerable groups such as self-employed people are struggling recently," and said, "It is important to provide reasonable prices for basic living needs such as housing, food, and clothing, and in that regard, controlling housing prices is very important."

Regarding the introduction of Central Bank Digital Currency (CBDC), he emphasized, "If currency is controlled by the private sector, there are many risks," and added, "Since the value of currency must have public trust, it is better for the central bank to handle it directly." On the timing of introduction, he said, "We plan to proceed after the United States or Europe have introduced it."

Meanwhile, Governor Lee advised the youth in their 20s and 30s on the day, saying, "No matter how the economic situation changes, difficult times are inevitable," and advised, "Rather than worrying about inflation, make the demand for yourself monopolistic and inelastic."

He also said, "Even if you don't know what you like, you can know what you dislike, so I hope you cut out what you dislike," and added, "You will live to be 100 years old and will have to work until you are 70, so you should prepare to have two or three jobs."