If any major monetary power is telling the global economy where things are headed in 2022, it’s the Bank of Korea (BOK).

On January 14, the central bank of Asia’s fourth-biggest economy is widely expected to hike interest rates. It’s likely to be a modest tightening – a 25 basis-point boost to 1.25%. But assuming it happens as expected, it will be the third hike since August.

The two messages BOK Governor Lee Ju-yeol is sending are important.

The first is confidence that the 4% growth rate that many expect for South Korea this year is solid enough to withstand a few taps on the monetary brakes. The second is that the global economy is set for a stronger 2022 than many investors think.