New Finance Minister Yoo Il-ho has vowed to actively pursue structural reforms to put the country’s economy back on track.
 
During his inaugural address at the government complex in Sejong City on Wednesday, the minister said that the Korean economy is facing a crisis amid changes in the global economy, the population structure and weakened domestic demand.
 
Yoo said that the country should pursue reforms in the economic structure and promote innovation to enhance its growth potential.
 
The minister said that it is urgent to implement the government’s four major reform plans to achieve progress, calling for a swift parliamentary passage of related bills.
 
He then proposed follow-up projects to the four reform plans, such as industrial reform through regulatory and structural reforms and reconstruction of the population structure.