Bank of Korea Governor Lee Juyeol on March 24 said the economy this year will grow faster than the bank's 3% forecast made last month. He is shown here on Feb. 25 speaking at a news conference on monetary policy at his bank's headquarters. (Bank of Korea)

By Jung Joo-ri and Yoon Hee Young

Bank of Korea Governor Lee Juyeol on March 24 said the economy this year will grow faster than the bank's 3% forecast made last month.

In a written news conference due to the COVID-19 pandemic, he said anticipation of global economic recovery is rising thanks to gradual expansion of vaccinations against COVID-19 amid expansive macroeconomic policies in major countries.

Additional stimulus policies on a large scale and accelerated vaccinations in the U.S. also greatly affected the upward adjustment of Korea's forecast, he said, adding that the domestic economy is also expected to see higher-than-expected growth in exports and facility investment.

Calling the supplementary budget proposal being discussed by the National Assembly another factor in fueling higher growth, Governor Lee also said economic growth this year will be higher than previous estimates, though uncertainty remains over the growth path.

etoilejr@korea.kr