The Yoon Suk Yeol government's first finance minister has vowed to place priority on stabilizing inflation and to better manage macroeconomic risks.
 
In a swearing-in ceremony in Sejong on Wednesday, finance minister Choo Kyung-ho said the emergency economic response task force within the Ministry of Economy and Finance will monitor the economic situation overall, including financial and foreign currency markets, in real time, and devise preemptive measures.
 
Choo also said the government will work to restore dynamism centered around the private sector, markets and companies in order to pull the economy out of its low growth trap.
 
The minister added the government will, based on bold deregulation, induce companies to increase investment and create quality jobs.
 
He assessed that the Korean economy is in a precarious state, as uncertainties are growing outside the country due to the Ukraine crisis and major economies’ shift to monetary tightening, while rising inflation continues to affect public livelihoods within the country.
 
Choo stressed that the new government, faced with multiple problems -- including a major shift in demographic and industrial structures, polarization and snowballing household debt -- should work on pending issues right away with firm determination.