Deputy FM: 'Double Dip Recession Unlikely'
The deputy minister of strategy and finance has dismissed the possibility that South Korea could slip back into an economic slump.
Deputy Finance Minister Roh Dae-rae told a radio program Monday that it is unlikely that South Korea will experience a “double dip” recession, downplaying presidential advisor for economic affairs Kang Man-soo’s remarks calling another period of global economic stagnation "inevitable."
Roh said the presidential advisor might have made the remarks because of ongoing concern about the health of the global economy.
The deputy finance minister said that it is too early to raise interest rates, adding that expansionary fiscal policies are necessary to protect the nation from external economic shocks.