Korean financiers pick prolonged COVID-19 pandemic as biggest risk

SEOUL (XINHUA) – South Korean financiers picked a prolonged COVID-19 pandemic as the biggest financial risk, a central bank survey showed yesterday.

According to the Bank of Korea (BOK) survey, the highest number of respondents selected the possible prolongation of the COVID-19 pandemic as the biggest risk facing the country’s
financial system.

It was followed by policy uncertainty under the new United States (US) administration, the weakened corporate earnings and the reduced household income from unemployment
growth each.

The results were based on a poll of 82 financiers conducted between November 10 and November 25. Respondents were allowed multiple replies.

The COVID-19 resurged here from November. In the latest tally, South Korea reported 718 more cases of COVID-19 for the past 24 hours, raising the total number of infections to 43,484.

It was lower than the country’s highest daily caseload of 1,030 tallied on Sunday, but the reading stayed above 100 for 37 days since November 8.

Under the previous survey unveiled in June, the COVID-19 pandemic was also picked as the biggest financial risk.

The financiers saw a lower possibility for financial crisis to happen in the short and medium terms.

Those who predicted a high possibility for the financial crisis to come within one year was 20 per cent of respondents, down from 38 per cent in the previous survey.