Finance Minister Pledges to Address Market Volatility Amid Global Challenges

SEOUL: Finance Minister Choi Sang-mok has pledged to enhance market monitoring and implement contingency plans to address excessive volatility, citing weaker growth data and global uncertainties. Choi's commitment follows the release of third-quarter GDP figures, which showed a meager 0.1 percent growth, falling short of market expectations. According to Yonhap News Agency, Choi made these remarks during an economic ministers' meeting in Seoul, emphasizing the need for vigilance in the face of potential economic disruptions. He highlighted several risks, including the upcoming U.S. presidential election, economic conditions in major nations, and the ongoing Middle East crisis. Choi assured that the government is prepared to respond swiftly to any unwarranted volatility in financial and foreign exchange markets, stressing that such actions would be coordinated closely with relevant agencies. The minister also noted the importance of bolstering the semiconductor industry, promising additional measures to supp ort talent development and infrastructure enhancement. In a related discussion, Bank of Korea Deputy Governor Ryoo Sang-dai expressed concerns about the potential escalation of risk-averting sentiments in global markets, contingent on Iran's reactions. This follows recent airstrikes by Israel on Iranian military sites, which were in retaliation for missile attacks from Tehran, raising fears of prolonged conflict in the region. Both officials underscored the necessity of continuous monitoring of economic and financial conditions, both domestically and internationally, to navigate the complex landscape of current global challenges.