Finance Minister Nominee Choi Sang-mok Prioritizes Inflation Stabilization

Seoul: Choi Sang-mok, the nominee for South Korea's Finance Minister, has declared stabilizing inflation as his top priority, expressing optimism about the nation's economic prospects for the coming year.

According to Yonhap News Agency, who previously served as the senior presidential secretary for economic affairs, efforts are being made to alleviate inflationary pressure, which has been a significant challenge amid complex internal and external factors. During a written response to opposition lawmakers ahead of his confirmation hearing, Choi projected that inflation, which was at 5.1 percent last year, would decrease to the 3 percent level this year and further to around 2 percent next year. Additionally, Choi hinted at a possible reduction in corporate tax rates, aligning with global standards and considering international competition. This follows South Korea's recent adjustment of the maximum corporate tax rate to 24 percent, which remains higher than in many major economies.

scroll to top