SEOUL (Reuters) -South Korean President Lee Jae Myung said on Tuesday the economy has turned a corner as risks related to geopolitics and corporate governance have been easing, which has boosted the local Kospi stock index beyond the 4,000 mark.

“Consumer sentiment is improving, and economic growth in the third quarter has rebounded to a six-quarter high of 1.2% from a contraction in the first quarter,” Lee said in his annual budget speech at the National Assembly.

“We are now out of crisis status, having taken steps with some extraordinary determination the past five months to cope with a severe economic crisis caused by the illegal martial law.”

Asia’s fourth-biggest economy expanded by 1.2% in the third quarter, as exports have generally held up despite uncertainties related to U.S.

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