Shin Hyun-song, governor of the Bank of Korea, said on the 2nd that "among the long-term tasks facing the Central Bank, demographic change is one of the most important issues."
Shin stated accordingly in opening remarks at the conference "The economics of population aging and longevity: from challenge to opportunity," co-hosted that day by the Bank of Korea, the Centre for Economic Policy Research (CEPR), and the Organisation for Economic Co-operation and Development (OECD).
Shin said, "This is because it holds the key to how productivity, the potential growth rate, and the long-run equilibrium interest rate will evolve going forward." He added, "Unlike the short-term shocks to which we devote most of our time in response, demographic change is something whose arrival can be anticipated decades in advance."
Shin said, "Demographic change is a formidable challenge, but because we can see it coming, we can prepare in time." He continued, "Today, Korea is enjoying the benefits of unprecedented semiconductor production and investment driven by artificial intelligence (AI)," adding, "Now is not the time to postpone, but to prepare."
The Bank of Korea (BOK) will hold a joint conference with the Centre for Economic Policy Research (CEPR) and the Organisation for Economic Co-operation and Development (OECD) through the 3rd.