Bank of Korea Gov. Lee Ju-yeol hits the gavel at the start of a monetary policy meeting in Seoul on April 15, 2021. (Photo: Yonhap News)
The Bank of Korea held its benchmark policy rate unchanged at a record low of 0.5 percent on Thursday as South Korea's economic recovery remained fragile amid a looming fourth wave of the pandemic.
"While the Korean economic recovery is expected to strengthen gradually, there is still a high level of uncertainty surrounding the path of COVID-19, and inflationary pressures on the demand side are forecast to be modest," the central bank said in a statement.
Going forward, it said the economy is likely to continue on the path to recovery, led by exports and investment, but that uncertainties still surround the pace of recovery.
The BOK projected GDP growth this year to be above the February forecast of 3 percent.
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