SEOUL - Choi Sang-mok, the nominee for South Korea's Finance Minister, emphasized innovation and deregulation as key strategies to stimulate economic growth amid ongoing external uncertainties and potential risks. Choi, previously the senior presidential secretary for economic affairs, outlined his vision during a press interaction on Tuesday.
According to Yonhap News Agency, Choi's approach aligns with the Yoon Suk Yeol government's economic policy, focusing on creating a "dynamic economy." He stressed the importance of continuous innovation, deregulation, nurturing science and technology, and structural reforms. Choi acknowledged South Korea's effective management of economic challenges, including stabilizing inflationary pressures and recovering exports. However, he recognized that potential risks still loom, and the recent economic turnaround has not been evenly distributed among the population.
Choi's immediate priority is stabilizing livelihoods by controlling prices and enhancing the recovery momentum. Despite signs of a gradual economic recovery, as evidenced by a rise in exports for two consecutive months, the Bank of Korea recently lowered its growth outlook for the next year. Additionally, the country is experiencing a gradual inflation slowdown, but consumer prices remain above 3 percent, with the government aiming to reach a 2 percent target by the end of next year.
The nominee highlighted the need for concerted efforts to reduce inflation expectations and implement structural reforms as part of the broader economic strategy.