Choi Sang-mok, Deputy Prime Minister and Minister of Strategy and Finance, said on the 18th, “As market fluctuations and the potential for economic sentiment decline due to domestic and international uncertainties persist, the government will remain vigilant and consolidate all public and private resources to manage the economy as stably as possible.”
On this day, Deputy Prime Minister Choi expressed this view at the joint briefing session for foreign press held at the Press Center in Jung-gu, Seoul, with the Minister of Foreign Affairs, stating, “Although we are facing unexpected difficulties, I am confident that the sound and resilient economic system will swiftly stabilize.”
Deputy Prime Minister Choi and Cho Tae-yul, Minister of Foreign Affairs, held the briefing session to explain the government's efforts to stabilize state affairs amid the increasing economic uncertainties caused by the state of emergency and the impeachment proceedings against President Yoon Suk-yeol.
Deputy Prime Minister Choi noted, “Due to the recent domestic political situation, there is likely to be significant interest in South Korea's economic situation,” while acknowledging that, “Despite the increased domestic and international uncertainties due to the domestic political situation and the inauguration of the new U.S. administration, South Korea's constitutional system, economic system, and emergency response system are functioning well to manage and mitigate uncertainties.”
He added, “The volatility of the financial and foreign exchange markets, which expanded in the early stages of the domestic political situation, is gradually stabilizing as a result of swift responses centered on the emergency macroeconomic finance meeting (F4),” and noted that political uncertainty is also being alleviated following the procedures prescribed by the constitution, thereby reducing the ‘uncertainty of the recovery process.’
Deputy Prime Minister Choi reported, “Despite the political situation, economic policies are being pursued through consultations between the ruling and opposition parties and the government, as demonstrated by the passage of the budget plan and key tax bills in the National Assembly on the 10th,” adding, “Recently, the three major global credit rating agencies also assessed that the current political situation has a limited impact on credit ratings.”
He continued, “(The government) will focus on managing external credibility,” and stated, “We will maintain the 24-hour monitoring system for financial and foreign exchange markets, strengthen incentives for foreign investment, and enhance the international community's understanding of the robust fundamentals of the South Korean economy through events like the Korea Economic Briefing.”
He further stated, “We will regularize the external relations ministerial meeting in which both economic and foreign affairs departments participate, and establish a comprehensive external economic strategy to actively respond to the uncertainties of the trade environment, while preparing fundamental measures to strengthen industrial competitiveness that is resilient to internal and external conditions.”
In addition, he noted, “We will immediately execute next year's budget of 673 trillion won starting from Jan. 1 and mobilize all available resources, including public institutions, private investments, and policy finance, to execute swiftly in the first half, while also preparing additional support measures for vulnerable groups,” adding that, “We will announce the 2025 economic policy directions concretizing these policies within the year to prepare for 2025.”
Deputy Prime Minister Choi emphasized, “South Korea has faced similar political difficulties in the past, but each time the constitutional system, economic system, and emergency response system operated to resolve political uncertainty and minimize economic impact, demonstrating resilience,” and assured, “We are confident that this time as well, the sound and resilient economic system will swiftly stabilize the situation.”