S. Korean economy to grow 6% this year
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Kim Choongsoo, Korea's Central Bank Governor, said on Thursday his nation's economic situation was getting better and the economy would grow at the rate of around six percent this year and about 4.5 percent next year.
He told reporters at a press conference at the G20 summit media center that after the global financial crisis, South Korea's foreign exchange and financial markets exhibited a highly unstable pattern, but there was a marked improvement from the second quarter of 2009.
The fact that the South Korean economy was able to shrug off the financial crisis relatively faster than other countries was largely attributable to the adoption of bold and proactive monetary and fiscal policies.
Another reason why South Korean economy could go on well was because of the dynamism of economic agents including household and firms in coping with the crisis, along with the timely and appropriate response of the policy authorities.
Talking about the G20 summit which will be open later on Thursday in Seoul, Kim said he believed the Seoul G20 summit has the potential to make a great contribution to reducing the overall uncertainty surrounding the world economy and helping set the economies of individual countries on the right track for normalization.
"The Bank of Korea is committed to doing its utmost by the efficient operation of monetary policy along with the strengthening of international policy cooperation so that the Korean economy can achieve sustainable growth in a rapidly changing economic environment both domestically and internationally," the bank governor noted.
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