According to Yonhap News on June 19, Shin made this statement during a keynote speech at a dinner event for the Korean Finance Association held in a hotel in central Seoul. He noted that the preliminary announcement revealed a revision of the first quarter's real Gross Domestic Product (GDP) growth rate from 1.7% to 1.8% compared to the previous quarter.
He added, "The annual growth forecast will likely be adjusted upward, even if only mechanically, from 2.6%."
Shin emphasized the importance of focusing on nominal GDP growth, which does not account for price fluctuations.
He stated, "In the past 26 years, we have not seen nominal GDP growth this high," attributing it to a sharp increase in export prices rather than domestic inflation.
He further explained, "Relying solely on real GDP makes it difficult to fully explain the current economic situation. We need to pay attention to nominal GDP as an indicator of the domestic economy."
Regarding the 13.2% year-on-year surge in real Gross Domestic Income (GDI) for the first quarter, he remarked, "Despite rising oil prices, the improvement in trade conditions is ultimately due to the significant increase in semiconductor prices."
The new growth forecast will be announced on August 27.
* This article has been translated by AI.
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