Credibility of GDP figures falling in face of industrial shake-up: BOK chief

Credibility of GDP figures falling in face of industrial shake-up: BOK chief


Korea’s top central banker has pointed out
the limitations of GDP figures,… saying their credibility is dropping due to the changing
shape of global industries. Citing ‘The prosperity puzzle’ from the British
weekly newspaper, The Economist,… Lee Ju-yeol said on Wednesday… that gross domestic product
is failing to reflect the increasing importance of the service sector and the digital economy.
He said GDP numbers actually fall, if a person listens to a free lecture on YouTube and not
from a private institution,… although that raises the effective value of the activity.
Citing that as a reason,… the Bank of Korea governor played down the importance of a cut
in the GDP forecast of zero-point-one to zero-point-two percentage points.

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