SEOUL, Oct. 28 (Yonhap) – Finance Minister Choi Sang-mok on Monday strengthened market surveillance and swiftly responded to excessive volatility based on contingency plans amid weak economic indicators and global uncertainty. The Finance Minister announced that he has vowed to take action.
Choi made this comment at an economic-related ministerial meeting held in Seoul after gross domestic product (GDP) expanded by 0.1% in the July-September period compared to the previous quarter, which was lower than market expectations.
“The government will pay particular attention to the signs of economic uncertainty shown in the third quarter gross domestic product (GDP) statistics, and will carefully monitor detailed market conditions at home and abroad,” Choi said.
The minister pointed to the upcoming US presidential election, economic conditions in major countries, and the Middle East crisis as key risks.
“The government will promptly respond to excessive fluctuations in the financial and foreign exchange markets that are far from economic fundamentals, based on emergency response plans and close cooperation with relevant agencies,” Choi said.
Choi said the policy focus will also be on how to improve the competitiveness of the semiconductor industry in the face of fierce global competition, and promised additional support measures to develop human resources and support infrastructure construction.
Minister of Finance Choi Sang-mok (C) giving a speech at the economic-related ministerial meeting in Seoul on October 28, 2024 (Yonhap News)
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