October 19, 2017 / 5:33 AM / 2 months ago

BOK: economic setback from THAAD backlash to ease from second quarter 2018

SEOUL (Reuters) - South Korea’s central bank said on Thursday the economic setback from retaliatory measures taken by China against the deployment of a U.S. anti-missile system in the country is expected to subside from the second quarter of next year.

People walk on a zebra crossing in front of the buliding of Bank of Korea in Seoul, South Korea, July 14, 2016. REUTERS/Kim Hong-Ji

Chang Min, the Bank of Korea’s director general for its research department, told a press briefing the expected relief from the economic backlash is expected to boost economic growth by 0.1 percentage point in 2018.

China has been curbing South Korean companies from doing business in China in protest against the deployment of the Terminal High Altitude Area Defence (THAAD) system it believes can be used to look inside its territory. Both South Korea and the United States have said THAAD is only to deter North Korea’s missile threats.

Reporting by Christine Kim and Cynthia Kim; Editing by Christian Schmollinger

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