##ecd member countries, apart from korea, only two others, poland and australia, registered positive growth in 2009. in q1 this year, gdp growth chalked up high rates of 1. 8 % quarter on quarter and 7. 8 % year on year as exports and domestic demand continued buoyant. going forward, too, the korean economy is expected to maintain its solidly - based recovery trend led by the private sector. the gdp growth rate is projected to rise to 5. 2 % this year and 4. 8 % next year. exports are continuing their double - digit increase thanks to the recovery of the world economy, and private consumption, similarly, is maintaining its improving trend, bolstered by the increase in household incomes and suchlike. facilities investment seems set to increase substantially owing to the upturn in it activity, but construction investment remains lackluster owing to subdued construction of buildings for residential use. employment conditions are improving along with the recovery of business activity, but the extent of the improvement remains relatively constrained. the scale of the increase of the number of persons in employment over the year is unlikely to reach its pre - crisis level of 300, 000 persons owing to the weakened employment generation capacity of growth and is forecast to stand at around 240, 000 persons. the rise in the cpi is predicted to stay around the 2 and a half percentage level for some time, but to gradually pick up during the latter half of the year owing to the increased demand pressure resulting from the recovery of activity. during 2011, the rates of headline inflation and core inflation will both exceed 3 %. the current account is forecast to sustain its underlying surplus trend but the scale of the surplus will gradually narrow to usd 10. 5 billion this year and to usd 5. 5 billion next year. the goods account surplus will narrow in scale as import growth outstrips that of exports and the services, income and transfers account will move more deeply into the red owing to sharply increased overseas travel payments. the future outlook is surrounded by no small degree of uncertainty with the opposing interplay of upside and downside risks. upside risks are as follows : as private sector deleveraging is now in its closing stages including the shift back to an increase in bank lending, global financial conditions return to a normal state at an early stage. the growth of the world economy expands amid a more rapid than expected improvement in labor market conditions in the us and other major countries. and, downside risks are : global financial market unrest

external communication. our research work resulting from rigorous analysis and discussions should not just be locked away in a drawer. we should provide precise analyses and supporting data in greater volume, and further diversify our communication channels. we need to increase communication with experts from the government and other relevant agencies as well. with respect to communicating with the government, i am well aware that concerns have been raised about central bank independence. however, i do not think the mere act of communicating would undermine our independence. rather, we are at a time that calls for constructive dialogue with the government, the market and the private sector to solve the challenges of our day. in doing so, we should take a comprehensive look into the issues, and together seek consistent and coordinated solutions. lastly, we should clear the hurdle confining our thoughts to be complacent within our domestic borders. at present, the international community is changing by the day amid the transition to a digital and eco - friendly economy. our major companies have already acted swiftly to become global market leaders and highly competitive exporters. this gets me to reflect deeply about whether the public sector is doing its part. we should check whether we have not been missing out on the major trends of change in the international community, having focused narrowly on domestic issues. for the bank of korea, as with other central banks, global issues such as the digital economy and green finance have become matters of 4 / 6 concern. in the case of cbdcs, the consequent changes in the environment have major impacts on the public payment and settlement infrastructure and the effectiveness of monetary policy. we therefore need to treat these as existential issues for our bank and prepare thoroughly. i do not mean to say that we should only learn from our peers abroad. we are already in a position to share our own experiences and research and to place our stamp on the global agenda. i look forward to seeing our highly competent staff actively engaging in the international community, further elevating our status globally. fellow members of the bank of korea, i will be there with you when overcoming all three of these hurdles. let ’ s work to further consolidate the bank of korea ’ s reputation as not only the guardian of monetary and credit policy but also the nation ’ s bona fide top think tank best informed on our economy. let ’ s work to become an intellectual leader that contributes to policymaking by the government and municipalities and that also supports decision - making by the private sector, while faithfully carrying