From 1st April (2014), Lee Ju-yeol is expected to take over as the governor of the Bank of Korea, tasked with leading Asia’s fourth largest economy into a period of innovation and economic rebalancing.
Lee comes to the role at a significant time for South Korea. The country enjoyed a strong 2013, with the fastest annual growth for nearly three years seen in the last quarter of the year and indicators that trade is improving. A new trend has also been emerging; domestic demand outstripped the growth in export, something that is thought to be at the forefront of South Korea’s objectives going forward.
Confidence is still tightly linked to exports, accounting for more than 50% of GDP, but the country is embarking upon a new wave of rebalancing, less in favour of manufacture for export, for example. The manufacturing sector is strong in South Korea, from shipbuilding to chemicals and the country’s renowned road to becoming a big player in the global technology economy.
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