12/24/2020, 3:39 AM (Source: TeleTrader)
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BoK: Financial market still facing uncertainty

The Bank of Korea (BoK) stressed the South Korean financial market was still facing growing uncertainty amid the coronavirus pandemic despite its current stability.

The bank warned the continuing pandemic could contribute to an increase in local households' debts, worsening of business conditions, and a potential credit crisis.

Earlier this year, the BoK predicted the South Korean economy could shrink up to 1.8% as a result of the pandemic. The UOB Group later estimated the gross domestic product (GDP) would contract 0.8%.

Baha Breaking News (BBN) / JR