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S. Korea’s sovereign bonds likely to remain attractive despite slowing economy next year: Nomura economist
2012.12.07 17:05:29 | 2012.12.07 17:14:37
“South Korea has seen lower economic growth rate but the nation’s sovereign bond market has become more attractive investment-destination in the eyes of foreign investors thanks to improvement in its macroeconomic soundness,” noted Kwon Young-sun, a managing director and senior Korea economist at Nomura International at a press meeting Friday.

[S. Korea’s sovereign bonds likely to remain attractive despite slowing economy next year: Nomura economist] 기사의 본문 이미지

Managing director and senior Korea economist at Nomura International Kwon Young-sun

“There is a higher possibility of the Bank of Korea (BOK)’s key rate freeze next year,” added Kwon. “There are many who make their investments from long-term perspectives regardless of ups and downs of the key rate and thus I see the freeze will not have a huge impact on investments in bonds.”

Kwon predicted the nation’s economy will grow at a weaker pace of 2.5 percent next year, much lower than expectations. This is higher than this year’s estimate of 2.3 percent but still lower than next year’s global economic growth outlook of three percent.

“Whoever becomes Korea’s President, there will be little change in the nation’s future macro-economic policy direction,” Kwon said regarding the nation’s presidential election about 10 days away. His prediction came from the fact that monetary policies should be in line with price stabilization, foreign reserve polices with foreign exchange rate stabilization and financial polices with financial soundness.

The economist predicted that the quantitative easing phenomenon worldwide will cause a greater liquidity injection in the market. “The continued surplus trend in Korea’s current account will contribute to boosting forex liquidity in the capital market, resulting in a further appreciation of the local won. The won-dollar exchange rate is expected to remain at 1,080 won at the end of this year and 1,060 won next year,” Kwon said.

[Written by Jae-eon Yoon - Jieun Lee / edited by Soyoung Chung]

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