Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Dr. Huh In, Professor of Economics at the Catholic University of Korea.
Professor Huh, it's been a while. Good afternoon, and thanks for coming on.
Let's start with Wall Street. With the confirmation of the first case of the omicron variant of COVID-19 in the U.S., stocks were down sharply yet again. Travel-related stocks hit especially hard. Today in Korea, though, a rebound in the stock market. What's the story in the global markets and here in Korea?
The OECD is saying that the global economy continues to recover, but it says the recovery has been uneven around the world. In its latest report, the OECD says that while global economic growth missed its forecast in September, it's still cautiously optimistic. Tell us about this report from the OECD.
Growth in the Korean economy in the third quarter, according to the BOK, came in as forecast at three tenths of a percent compared to the quarter before. The BOK says things are looking fairly good for the fourth quarter, but we'll have to have growth of over 1 percent this quarter to reach the target of four percent for the year. What do you see happening in terms of growth in the Korean economy?
Consumer prices in Korea last month hit a ten-year high. That was in large part due to fuel prices rising more than 35 percent, the most since 2008. Food prices higher too, along with housing costs. Tell us about the inflation situation.