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Major economies set for recovery: BOK chief

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Published : 2014-05-16 10:43
Updated : 2014-05-16 10:43

Advanced economies are shifting to a recovery track, South Korea's top central banker said Friday, recounting the discussions at a Bank for International Settlements (BIS) meeting held earlier this week.

Bank of Korea (BOK) Governor Lee Ju-yeol said that participants at the BIS meeting maintained their view on the economic recovery from a month earlier, citing positive indicators in countries such as China, Japan and the United States.

After attending a G20 meeting in April, Lee said that major economies are shifting their focus from dealing with a financial crisis to boosting economic growth.

The governor said while the U.S. economy was dented by severe weather conditions in the first quarter, the world's largest economy is expected to enter a recovery phase in the second quarter.

He also took note that the Chinese economy nearly met its first-quarter growth target of 7.5 percent, while solid domestic demand propped up the Japanese economy despite lackluster exports.

The central bank chief said the participants were attentive to the Chinese economy and lingering geopolitical risks in Eastern Europe. (Yonhap)

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