[THE INVESTOR] The Korean economy will continue to face tough internal and external conditions, the country’s top economic policymaker said on June 17.
Speaking at a conference with think tanks, Deputy Prime Minister and Minister of Strategy and Finance Yoo Il-ho said that difficult conditions will continue and that the government will roll out necessary counter measures.
Deputy Prime Minister Yoo Il-ho(second from right) is speaking at a conference with think tanks.
“Internal and external conditions are expected to be difficult in the second half,” Yoo said, adding that the government will focus on creating and protecting jobs.
“(The government will) draw up revival measures for different sectors and reinforce finances.”
Yoo said that the downside risk could grow due to sluggish global economic recovery and local companies’ restructuring efforts.
The downside risk index was developed by the Bank of Korea to measure financial risks.
Yoo also said that the continued drop in exports is taking its toll on the domestic market, and that the labor market has yet to show signs of recovery.
The deputy prime minister also cited low birth rate, population aging and deteriorating competitiveness of key industries as negative factors for the economy.
By Choi He-suk (
cheesuk@heraldcorp.com)