Lee Ju-yeol, Governor of the Bank of Korea, said, "It is difficult to predict what economic policies the new administration would introduce. That would be the biggest variable facing the Korean economy in the second half of this year."
During his participation in a meeting of G20 finance ministers and central bank governors in the United States, he held a press conference in Washington on April 21 where he said, "The primary factor behind the strong performance of the Korean exports is the recovery of the global economy. The Korean exports are expected to remain strong until next year."
He added, "Only a handful of industries, including those with specialty in semiconductors and petrochemicals, are enjoying strong rebound in exports. The job-creation effect of these industries, however, is relatively low compared to others, indicating that today's trickle-down effect is not as strong as it was before."
He also stressed the importance of carrying out a structural reform with focus on addressing the rigidity of the labor market.