South Korea Chartbook: Higher growth, stable rates
- The faster-than-expected growth in 1Q has taken GDP back to the pre-pandemic levels
- But this does not mean the Bank of Korea will start to raise rates soon
- Consumption/labor market remains weak; a fourth wave of the coronavirus is looming
- Macroprudential/tax measures will likely be tightened to curb property prices and household debt
- Fiscal policy will remain expansionary in the runup to the March 2022 presidential election
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