[2025 Audit] Lee Changyong: "Possibility of Economic Growth Rate Exceeding 1% This Year Increases"

"Effects of Consumption Coupons and Strong Exports"
However, Low Growth Remains Below Potential Rate
Various Structural Reforms Needed

Lee Changyong, Governor of the Bank of Korea, stated that there is a growing possibility that South Korea's economic growth rate will exceed 1.0% this year.

Lee Changyong, Governor of the Bank of Korea. Photo by Yonhap News

On October 29, during a comprehensive audit by the National Assembly's Planning and Finance Committee, Governor Lee said, "The Bank of Korea initially expected real GDP growth for the third quarter this year to be around 1.1%, but it actually grew by 1.2%. The effect of consumption coupons contributed, and exports were also strong. Although we need to monitor the situation in the fourth quarter, under the current circumstances, there is a high likelihood that this year's growth rate will surpass the Bank of Korea's previous forecast of 0.9% and reach over 1.0%." However, he pointed out that, in the short term, tariff negotiations with the United States remain a variable.

Governor Lee added, "Even if this year's growth exceeds 1%, it is still lower than South Korea's potential growth rate, so various structural reforms will be necessary."