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Finance Minister Says S. Korean Economy Has Strong Resilience

Write: 2019-10-17 10:51:47Update: 2019-10-17 11:10:49

Finance Minister Says S. Korean Economy Has Strong Resilience

Photo : YONHAP News

Finance Minister Hong Nam-ki told investors in New York that the country's economy has strong resilience.

Hong delivered the evaluation at an investor relations(IR) session on Thursday, citing external soundness, solid fiscal health and balanced industrial structures as the foundation for South Korea's economic resilience. 

He pointed out that South Korea's ratio of debt to gross domestic product(GDP) is below 40 percent, considerably lower than other Organization for Economic Cooperation and Development member states.

The finance minister also noted South Korea's abundant foreign exchange reserves, which stood at 403-billion U.S. dollars as of Sept. 19. 

He added that South Korea has a balanced industry portfolio, with semiconductor, automobile, steel and chemical manufacturing minimizing negative impacts from global uncertainties.

Hong noted, however, that the trade conflict with Japan is a risk factor. He said Japan's export curbs on Seoul will hurt South Korean manufacturers and Japanese exporters alike, nullifying what was previously a win-win relationship between the two neighboring economies.

Around 100 figures from investment banks and asset management companies participated in the IR session, including Jim Quigley, executive vice-chair at Bank of America-Merrill Lynch, Sjoerd Leenart, global head of corporate banking at JP Morgan and Blackstone COO Jonathan Gray.

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