Even as the Omicron variant does its worst to global growth, Asia’s fourth-biggest economy is showing the developed world how it’s done.
In fact, BOK Governor Lee Ju-yeol has been hiking rates. His team tightened monetary policy in August and November, judging that growth was solid enough to withstand a closing of the liquidity spigot.
Korean presidents only serve one term, meaning Moon will soon hand the reins to a new government. Amid the distraction, the BOK and officials at the Yoon Suk-yeol , the presidential election candidate for South Korea's main oppositionPeople Power Party , and Lee Jae-myung , the presidential election candidate for the ruling Democratic Party, attend a ceremony to mark the first stock trading day of the year at the Korea Exchange in Seoul on January 3, 2022.
For example, Moon’s predecessor, Park Geun-hye, took office in 2013 promising to build a more “creative economy” and to “democratize” the benefits of growth. She talked big about taxing excessive corporate profits better used upping wages. And to alter tax incentives to support startups. Lee Jae-yong has been in and out of prison since 2017. Park was recently pardoned by Moon in the spirit of national unity.trickle-up growth
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