South Korea: Market Overview 2010 Fisher Capital Management Seoul

South Korea: Fisher Capital Management Seoul - The South Korean economy is expected to
grow by 4–5% in 2010. The government’s efforts were seriously questioned when it clipped the
independence of the central bank when the government sent its observers to the central bank’s
policy meetings.

However, the central bank will start raising interest rates in the third quarter to prevent
inflation and asset bubbles. For the time being inflation is stable. It fell from 3.1% in January to
2.7% in February, but inflation will accelerate in the second half due to higher oil prices and
rising imports. This should see policy interest rates to go up by 25 basis points in the third
quarter and another 25 basis points in December.

South Korea: Market Overview 2010 Fisher Capital Management Seoul - The government
appointed Mr. Kim, who has served as a presidential economic secretary and is currently South
Korea’s ambassador to the Organization for Economic Cooperation and Development. Under
the new leadership, the central bank may cooperate even more closely with the government
than it has under Governor Lee. The central bank under Mr. Kim may be more willing to risk
inflation in order to ensure that the economic recovery remains on track. The Korean policy
interest rate has been at an all-time low of 2.0% for more than a year now and the bank expects
inflation to stay around 2.5% in the near future.

South Korea: Market Overview 2010 Fisher Capital Management Seoul - Fisher Capital is a
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