Bank of Korea Gov . Lee Ju - yeol speaks at a meeting with economists , professors and financial industry executives in Seoul on Wednesday . ( Yonhap ) South Korea ’ s central bank chief said sluggish private consumption should be boosted by job growth in the service sector , cautioning against optimism from rebounding exports . “ To revive consumption , people ’ s income should be increased through job creation . And such job creation should be led by the service industry rather than the manufacturing sector , ” Bank of Korea Gov . Lee Ju - yeol said at a meeting with economists , professors and financial industry executives . “ With exports showing some progress , the growth trend is continuing . Business and consumer sentiment seems to have improved a little . But still there are concerns that export prospects are not that rosy . ” Recent data released by the Trade Ministry signaled that the nation ’ s exports and domestic demand , the main pillars of the economy , improved significantly last month . Exports rose 13 . 7 percent in March from a year earlier , the largest gain since December 2014 and an increase for the fifth consecutive month . Imports surged 26 . 9 percent last month from a year earlier , as well . Private consumption recorded 3 . 2 percent on - year growth in February , ending the previous four consecutive months of contraction , the ministry ’ s data showed . However , economists project that the nation ’ s growth would slow this year to a range between a low 2 percent level to 2 . 5 percent , from 2 . 8 percent in 2016 , citing greater risk in weak domestic demand . Lee urged deregulation in the service sector so that it can create jobs and contribute to consumption . “ There are too many regulations in the service industry such as strict rules on market entry and excessive restrictions on business operation , ” he said . Six experts met with Lee including Kwon Goo - hoon , an economist at Goldman Sachs , Kim Se - jik , an economics professor at Seoul National University , and Lim Ji - won , an economist at JP Morgan Chase . Most of them agreed that the improvement in Korea ’ s exports was supported by a rebound in global demand , but some of them cited the spread of protectionism and divergence in economic cycles between advanced and developing countries as a risk in the full rebound of global trade to the pre - 2008 global financial crisis level , the BOK said in a statement after the meeting . By Kim Yoon - mi ( yoonmi @ heraldcorp . com ) [ 코리아 헤럴드 ] [ K - POP HERALD ] [ 페이스북 ] <ⓒ KoreaHerald ( www . koreaherald . com ) 무단 전재 및 재 배포 금지 >