Finance Minister Yoo Il-ho says the local economy is faced with its biggest challenge ever as a result of Britain's pending exit from the European Union(EU) and other factors.

Yoo made the remark during a meeting with related ministers at the Seoul Government Complex on Thursday, which was held to boost the nation's industrial competitiveness.
 
Yoo said uncertainties in international financial markets caused by Britain's decision to leave the EU aren't likely to be short-lived, but may lead to reservations for the global economy. 

He added that the neoisolationism behind Brexit tells South Korea that it can no longer delay efforts to improve its economic fundamentals and competitiveness.
 
The minister said the government will swiftly pursue the restructuring of marginal businesses while nurturing new growth industries and firmly hold those responsible for insolvent enterprises.