I am delighted to extend a very warm welcome to the 2014 Bank of Korea International Conference in Seoul on June 2-3. With growing concerns over plausible declines in global growth potential in the years ahead, the Bank of Korea is pinpointing “Strengthening Growth Potential in the Aftermath of the Global Financial Crisis” as the main theme of this year’s conference

The recent start of quantitative easing tapering has led many to believe that the Great Recession following the global financial crisis may be coming to an end; and consequently the global economy will be geared into the normalization process of the global financial landscape. At this juncture however, addressing longer-term consequences of the crisis on future growth potential as well as macroeconomic and financial stability is an integral task for policymakers and researchers who seek a roadmap for economic resilience and long-term prosperity.

Finding a reliable and feasible way to avoid the impairment of growth potential and restore economic growth has been a daunting challenge for both policymakers and researchers. I am afraid that we will still find ourselves in the midst of heightened uncertainty as a result of a lack of a general consensus on policies and regulations. To ensure a robust growth trajectory, we should address various multi-dimensional issues that currently hamper the success of ground-breaking transitions, such as the lackluster strategy of export-driven growth in emerging market economies, population aging, and languid investment.

Against this backdrop, we will assess global financial crisis impacts on growth potential, discuss novel perspectives on demographic changes and growth, search for “macro-inventions” in harmonization with micro innovations to reinvigorate a sustainable growth, and develop new strategies for rebalancing external- and internal-demand oriented growth.

We hope this conference will serve as a beneficial forum for sharing valuable insights into policy options and organizing global coordination for stronger growth potential in the future. As a channel for active and constructive discussions, this conference will offer the global policy community and academia a strong platform conducive to better understanding of, and international cooperation on, strengthening growth potential.

Taking this opportunity, I once again would like to express my sincere gratitude to Professors Thomas J. Sargent and Barry Eichengreen for their dedication as distinguished advisors and conference organizers for the Bank of Korea.

I hope that you find the conference valuable and have a pleasant stay in Seoul.

• 
• Juyeol Lee
• Governor
• The Bank of Korea