NEWS BRIEF

[Anchor Lead]

Speaking to reporters on his way to work Tuesday, President Yoon Suk-yeol said that as countries around the world are raising interest rates to battle inflation, it’s difficult for the government to come up with fundamental solutions other than to continue risk management. On the issue of reforming public corporations, Yoon said that during economically challenging times, the public sector has always led by example.
In a Tuesday report, the Bank of Korea said that given current conditions, inflation could surpass 4.7% this year, which was the revised outlook issued by the finance ministry last week. That level of consumer price growth was also recorded in 2008. The central bank cited recent changes including a further rise in global oil prices. It projects that high inflation far surpassing 5% will continue for the time being.
According to the Korea Customs Service, exports dropped 3.4% on-year in the first 20 days of June due to fewer working days. Daily average exports, in consideration of the number of work days, meanwhile jumped 11%. By item, shipments of semiconductors grew 1.9% and petroleum products over 88%. On the other hand, exports of automobiles and auto parts slipped 23.5 and 14.7% respectively.