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The International Monetary Fund (IMF) revised its global economic growth forecast for this year to 3.2%.
I saw it at 4.4% in January, 0.8 percentage points in April, and 0.4 percentage points in three months again, and lowered the growth forecast for Korea to 2.3%.
Global high prices are the biggest problem.
Today (27th), the inflation rate and expected inflation expected by domestic consumers have also soared to all-time highs, but there is concern about a vicious cycle of rising service rates and salaries and rising prices again as the thought that prices will rise spreads.
Reporter Im Tae-woo pointed out this issue.
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Dozens of express buses between Seoul and Gangwon-do are stopped.
This is because bus drivers from this company have started an indefinite strike from today, insisting on a 10% wage increase.
In a situation where the salary is still lower than that of other companies, the prices are rising, and they complain that they have no choice but to do it.
[Yongbong Middle/Dongbu Express Union Chairman: First of all, we are a little afraid to go to a restaurant.
I can't find a meal for 6,500 won.
The monthly salary is the same, but the out-of-pocket costs are higher.] The
pressure to raise wages amid high inflation is becoming a reality, starting with large corporations.
Samsung Electronics and Hyundai Motor Company have confirmed a 9% increase, while Naver and Kakao have each confirmed a 10% increase.
Reflecting this, the expected inflation rate this month jumped to an all-time high of 4.7%.
Both the number itself and the extent of the rise surpassed the 2008 financial crisis.
This means that there has been a widespread sentiment among people that inflation will continue for a longer and stronger period.
Conversely, the consumer sentiment index, released at the same time, fell by more than 10 points for the first time in a month, and purchasing sentiment is frozen.
[Seong Tae-yoon/Professor, Department of Economics, Yonsei University: When the expected inflation rate rises, expectations for inflation increase, which leads to a rise in wages, and I think that there is a possibility that inflation will be further strengthened through the repeated rise of wages and prices.] Lee Chang-
yong, Bank of Korea As the governor has already declared that inflation should be taken unconditionally when inflation exceeds 4%, the possibility of another big step at the interest rate meeting next month is increasing.
(Video coverage: Kim Se-kyung, video editing: Hwang Ji-young)