The head of South Korea's central bank drew a rather gloomy picture for the future of the local and global economies Wednesday, saying they both face great uncertainties caused by the world's two largest economies.

"It is hard to think of a time when the domestic and global economies did not face uncertainties, but I believe the keyword that best describes recent conditions in the global economy is uncertainty," Bank of Korea Gov. Lee Ju-yeol said in a monthly breakfast meeting with economic scholars and researchers.

Lee said such uncertainties partly stemmed from a potential U.S. rate hike, which would mark the first of its kind in nearly a decade.

The BOK governor had noted the United States will likely begin gradually increasing its key rate before the end of the year, but he was not too convinced any more, citing mixed economic indicators from the U.S.

Some believe the U.S. Federal Open Market Committee may start raising its base rate this week as it is holding a two-day meeting that will end Thursday (Washington time).

"With recent mixed indicators, it is now uncertain whether the U.S. will start raising its key rate this year or next year," Lee told the meeting.

On an upbeat note, he noted that the impact from a U.S. rate hike on the South Korean economy will be limited and differentiated.

"The country continues to post a large current account surplus, while it maintains a considerable sum of foreign currency reserves," he said.

"Many hold a view that the country need not worry too much about a U.S. rate hike."

The BOK governor noted part of the problems facing the local and global economies arose from a slowdown in China.

China's slowing economic growth has apparently taken its toll on South Korea already, with South Korean exports dipping every month since the start of the year. China is by far the world's single largest importer of South Korean goods, accounting for over 25 percent of South Korea's overall exports in 2014.

Lee noted the negative impact from China's slowing economy may be short-lived and limited.

"Though China's economic growth is slowing down, considering continuous efforts by the Chinese government, I believe the possibility of a hard landing is slim," he said.

The BOK chief also said the slowing growth in China was inevitable and thus a temporary phase in China's ongoing efforts to change its development model. (Yonhap)