[사진=연합뉴스]The Bank of Korea announced on the 25th, “We will maintain a easing monetary policy stance to support the recovery of the growth trend next year and stabilize the inflation rate at the target level (2%).”
In the ‘2021 Monetary Credit Policy Operation Direction’ released on the day, the BOK said, “The domestic economy is expected to show a modest recovery centered on exports and investments, but there are potential instability factors due to the recent re-proliferation of Corona 19, and demand for inflation is low It is expected that it will fall below the target level due to pressure, etc.,” he said.
The BOK added, “The degree of easing will be judged by comprehensively considering the impact of the development of Corona 19 at home and abroad, the operation of monetary and fiscal policies of major countries, and changes in global trade conditions, etc. on the domestic macroeconomic flow and financial stability.” The BOK lowered the benchmark interest rate by 0.5 percentage points and 0.25 percentage points in March and May, respectively, and has been frozen at 0.50% per year.
In particular, the BOK emphasized that “we will pay more attention to the risks of financial imbalances such as overheating of the asset market and the increase in private credit due to easing financial conditions.”
This is because concerns about financial stability are growing as real estate prices rise and household and corporate debt continue to increase. The BOK said, “The financial institutions are generally stable, but the possibility of accumulating financial imbalances and the decline in debt repayment ability of marginalized companies and vulnerable households are lurking as risk factors.”
Although the GDP growth rate for next year is expected to be around 3%, he evaluated that “the uncertainty in the growth prospects is high.” This is because the intensifying spread of Corona 19 at home and abroad and intensifying conflict between the US and China remain as factors that can hold back the recovery of the Korean economy.
As for the inflation rate, it is predicted that it will show an increase of around 1% this year due to the base effect of the fall in international oil prices and the rise of jeon and monthly rents.
Meanwhile, the BOK diagnosed with the employment situation next year that “the sluggishness will ease, but the recovery rate will be slow and there is a possibility that the recovery pattern by sector will be differentiated.”
The BOK plans to come up with measures to strengthen support, such as operating a loan system for new growth sectors and companies with employment expansion.
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