Bank of Korea policy board urges structural reforms, easier regulations

[SEOUL] South Korea should step up structural reforms and ease regulations in order to spur economic activity, the Bank of Korea's monetary policy board said on Wednesday.

"Looking 10 years forward, the current trade market will shrink while the importance of sectors like services will only grow," said central bank board member Chung Soon Won in a speech for a luncheon event with media. He was speaking on behalf of the board.

"Thus, our country should also increase its efforts for structural reform and to ease regulations in order to find more sources for growth momentum like services and high-technology industries."

Mr Chung added that the turmoil in global financial markets at the beginning of the year had dissipated slightly and monetary policy in advanced economies had come into a predictable range.

REUTERS