of uncertainties in the domestic and overseas policy environments. we should thoroughly prepare for the possibility of financial unrest, which could arise with a continued tightening stance. there are signs of commercial property loans deteriorating in major advanced economies, and some warning signals are also being detected in the domestic market, especially in real estate pf. we should pay special attention to prevent credit risk from increasing, centered on weak links in our economy. the bank of korea decided to add loans receivable held by financial institutions to the list of eligible collateral for its lending, to strengthen the liquidity backstop in the financial system in case of an emergency. thus we need to swiftly come up with relevant arrangements, such as a detailed plan for implementation. we will cooperate with the government and relevant institutions to draw up measures on an orderly resolution of real estate pf and support the process of their implementation. to make a sophisticated policy mix a success, we need to make more efforts to enhance communication. to this end, we will transition from a semi - annual economic forecast path to a quarterly economic forecast path, and announce this starting in the second half of the year. the release of a detailed economic outlook may raise concerns about forecast errors as uncertainties in domestic and external conditions increase. however, it offers the advantage of allowing economic agents to systematically anticipate shifts in policy direction as they better comprehend the preconditions 2 / 5 bis - central bankers'speeches underlying central bank forecasts. as the proper formation of expectations among economic agents is all the more important to strengthen the effectiveness of monetary policy, we judged that taking a bold step forward would be desirable. in addition, analysis materials discussed at the monetary policy board and other research papers will be delivered to the general public for better understanding through visualized content, like the " bank of korea financial and economic snapshot " and videos. my dear colleagues, as you are well aware, the korean economy is indisputably among the ranks of advanced economies. the era of relying on fiscal expansion and debt accumulation based on low interest rates in an ad hoc manner to spur growth whenever the economy faces challenges has come to an end. fiscal demand to address the impending entry into a super - aged society appears to be on the rise. the surge in household debt over time has reached a level that undermines growth potential. fortunately, fiscal debt has recently been decreasing and household debt has been increasing at a slower pace, but there are still so many diverse factors that hinder the

the korean economy. as we greet this new year, i want to wish you and your family all the very best of health and good luck. thank you. 4 / 5 bis - central bankers'speeches i would like to thank byungkuk kim, moonsun bae, and youngrae kim for their help in preparing this speech. ( this is an unofficial translation prepared by the bank's staff based on the original speech released on january 1, 2024. ) 1 " ultra - low fertility rate and super - aged society : causes, effects, and measures for extreme demographic structure " ( hwang, i. d. and 11 other authors, korea economic outlook, bank of korea, november 2023 ). 2 " causes, effects, and softlanding plans of household debt growth from a long - term structural perspective " ( lee, k. t. and kang, h. k., bok issue note, no. 2023 - 22, july 2023 ). 3 " map of major manufacturing industry production and supply chains in korea " ( regional economy research division, bank of korea, august 2023 ). 4 " interregional population migration and regional economies " ( chung, m. s., kim, u. j., lee, h. s., hong, s. j., and lee, d. y., bok issue note, no. 2023 - 29, november 2023 ). 5 / 5 bis - central bankers'speeches