Bank of Korea(BOK) Governor Lee Ju-yeol has expressed concerns over growing economic uncertainties at home and abroad.

During a meeting with economists at the BOK headquarters Friday, Lee cited the Chinese aphorism “chullaebulsachun,” meaning “spring has come, but it is not quite spring yet,” saying it fittingly describes the current internal and external economic situations.

Lee said uncertainties surrounding the economy have been heightened more than ever. The governor cited the jittery financial market in China, falling oil prices and the introduction of negative interest rates by the Japanese central bank as major factors raising volatility in international shares.

He said geopolitical risks triggered by North Korea are exacerbating economic uncertainties.

The central bank chief predicted it will be another gloomy year for local banks, saying it will be difficult for them to improve profits if the businesses of local companies stay sluggish and interest rates remain low.