Finance Minister Hong Nam-ki has stressed the need to actively tackle economic uncertainties by thoroughly devising policies, citing rising difficulties for South Korea’s economy and private sector.

During a parliamentary inspection of the Finance Ministry on Wednesday, Hong said the world economy is declining faster than expected and there are further downside risks from the U.S.-China trade war and Japan’s export restrictions on South Korea. 

The minister said the government will channel all available resources to resuscitate investment, consumption and exports. 

Hong stressed that the government is focusing its policy efforts on boosting investment by providing expeditious support for large-scale private investment projects and making investments in private capital projects and public facilities.