Top Office Assures Strong Fundamentals of S. Korean Economy

Write : 2017-10-13 19:05:36 Update : 2017-10-13 19:58:13

Top Office Assures Strong Fundamentals of S. Korean Economy

The presidential office assures the South Korean economy has strong fundamentals and will continue to recover despite the geopolitical tensions caused by North Korea’s provocations.

Hong Jang-pyo, chief presidential secretary for economic affairs, relayed the top office’s view on the economy during an unscheduled media briefing on Friday amid speculation the country could face another financial crisis.

Hong said there is no possibility of a financial crisis, citing favorable conditions in key economic indicators like foreign reserves, corporate debts and current account surplus.

The country's economic recovery is continuing on the back of exports and investment, he said, and it is right on track to achieve the expected growth this year.

The secretary said think tanks’ upward revisions of global economic growth rates will also likely support domestic recovery. 

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