BOK official: Private consumption to recover gradually from Q4 through Q1 2027

The signal here is less the consumption call itself than the upward revision to this year's growth forecast, which the central bank is tying directly to third-quarter GDP data — a data-driven upgrade rather than a shift in stance. For anyone tracking Korean risk assets, the relevant point is that the recovery is framed as gradual and extending well into 2027, implying the bank sees a long, shallow runway rather than a sharp rebound. Whether that timeline holds as incoming data arrive is the open question, and how the bank's language evolves around it will matter more than the headline forecast.