Cut & Paste When It Comes to Growth Assessment

The boK's economic growth assessment passage was a cut & paste exercise, reaffirming the messaging observed in January:

• "The Korean economy has continued to recover despite the resurgence of COVID-19. Although the improvement in private consumption has moderated owing to the tightening of domestic COVID-19 restrictions, exports have sustained their buoyancy thanks to robust global demand. Facilities investment has somewhat slowed due to global supply constraints. Labor market conditions have continued to improve, with a sustained trend of increase in the number of persons employed. Going forward, the economy is likely to sustain its sound growth, as the recovery of private consumption is forecast to gradually pick up again while exports are expected to continue their solid trend of increase. GDP growth this year is projected to be around 3%, not deviating greatly from the November forecast."