Korean finance minister sees multiple indicators showing positive trends

South Korea’s Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho attends a cabinet meeting and starts the meeting banging the gavel at the Seoul Government Complex in Seoul on July 3. [Photo by Yonhap]

South Korea’s Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho expressed optimism on Monday, saying that several economic indicators are showing positive trends.

Choo emphasized his commitment to ensuring that the recent positive momentum translates into a swift economic recovery and stability for people’s livelihoods.

During a cabinet meeting held at the Seoul Government Complex, Choo highlighted the favorable performance of inflation and employment data, noting that both industrial activity and exports are experiencing simultaneous improvements.

He pointed out the notable triple increases recorded in May for production, consumption, and investment, along with the trade surplus turning positive for the first time in 16 months in June.

However, the finance minister also acknowledged the existence of ongoing risks, including the possibility of a delayed recovery in the IT sector, particularly in relation to the Chinese economy and semiconductor industry, as well as lingering uncertainties in both domestic and international markets.

“We must remain alert and mobilize our policy capabilities without complacency,” Choo said, underscoring the government’s understanding that challenges persist, and proactive measures are necessary to navigate the current economic landscape.

Regarding the summer weather situation, Choo said that thorough preparations and quick responses are needed as rainy weather is forecast again this week. He also instructed relevant ministries to work with local governments to inspect and identify vulnerable facilities to reduce the impact of heavy rain.