Finance Minister designate Hong Nam-ki said he thinks the nation's employment situation is grave, and vowed to closely monitor related statistics. 

Hong told reporters on Monday that he will closely watch the labor situation and think about what the government could do further to revive the economy for people's livelihoods while he prepares for his confirmation hearing. 

Statistics Korea is set to release labor-related data for October on Wednesday, including monthly job growth. 

The nominee, who earlier said the nation's economic growth will be lower than the potential growth rate, said that South Korea needs to create the foundation to increase the potential growth rate itself.