Jang Yong-sung, Commissioner of the Bank of Korea, emphasized on the 7th that "the global economic uncertainty following the inauguration of the Trump administration may actually present an opportunity for us."
Commissioner Jang noted this during the congratulatory speech at the 2nd plenary session titled "Trump's Second Term Trade Policy and Korea's Response" at the 56th Anniversary Hall of Hannam University in the morning.
Commissioner Jang explained the reasons for keeping the benchmark interest rate at 3.0% per annum during the Monetary Policy Committee's monetary policy direction meeting last month, stating, "The first reason was the volatility in the foreign exchange market, and the second was the uncertainty regarding the policy direction of the new U.S. government."
He said, "The Bank of Korea viewed the growth prospects for the U.S. and other countries very pessimistically following Trump's election, but I think it may not be as severe as that."
Commissioner Jang explained, "The fulfillment rate of the promises made by the Trump administration during its first term was only 20%, the lowest among U.S. presidents in history," adding, "I believe we should not take Trump's statements at face value and consider that 'it may not happen to that extent.'"
He emphasized, "Based on the experiences of the first term, they could either adopt a stricter approach or operate policies more flexibly, and it is important to seek practical solutions based on an academic foundation."