Bank of Korea governor Lee Ju-yeol said June 12 that the bank should be prepared to normalise policy once the crisis subsides, and that officials should be alert to the risk of financial imbalances. That would be fair enough in normal times. But in the context of no ordinary recession, this looks like an unwise attempt to set boundaries
WELCOME to the first truly global recession of the modern era.
The pandemic disrespects national borders and is contemptuous of differences between regions and levels of economic development. Unlike in the global financial crisis and the trough that followed the 2001 terrorist attacks in the US, all regions are suffering contractions. Asia’s policymakers need to remember that when plotting the path ahead as economies emerge from lockdowns.
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