Bank of Korea(BOK) Governor Lee Ju-yeol says the economy is expected to continue decent growth for the time being but added that there is a high level of uncertainty due to geopolitical risks.
 
Lee made the remark to reporters after attending the central bank’s monetary policy committee meeting on Thursday.
 
He explained that since forecasting economic growth of two-point-eight percent for this year last month, risks related to North Korea’s nuclear ambitions and side effects from the installment of the THAAD antimissile system have both grown.
 
Lee said that the South Korean economy is expected to see continued improvements due to a stronger recovery in the global economy and the implementation of a supplementary budget. However, he was quick to add that risks related to the North’s nuclear issue is extremely sensitive and complex and therefore it is hard to predict to what level they will affect the economy.
 
Lee then added that the bank does not have definitive opinions at the moment, including ruling out a three percent growth.
 
During a National Assembly briefing on Monday, the central bank projected that economic growth will remain in the high two percent range this year even with a supplementary budget.