SEOUL, April 5 (Reuters) - South Korea’s central bank chief on Wednesday underscored that policy efforts are needed to restore private consumption that has been dampened by a number of factors including a domestic political scandal.
“It is important that policy efforts are pursued to revive domestic demand, especially consumption that has been dwindling,” the Bank of Korea governor Lee Ju-yeol said before a meeting.
He added that the service sector will lead job growth going forward, instead of manufacturing. The Trade Ministry over the weekend said that imports had surged the most since September 2011, signaling a rebound in domestic demand. (Reporting by Cynthia Kim, editing by G Crosse)