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South Korea’s economy is set to grow at a faster-than-estimated pace this year, Bank of Korea Governor Lee Ju-yeol said Wednesday.

The governor noted that the recovery is underpinned by exports and investment coupled with extra budget. The central bank had earlier forecast the economy to expand 3 percent this year.

Although the economy is set to rebound, a near-term tightening of policy is unlikely, he said.

As the economy has not fully recovered from the damage caused by the Covid-19, the situation does not warrant adjustments in policy stance, Lee said.

The governor said inflation is likely to be above the 1.3 percent projected earlier.


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