Finance Minister Urges Vigilant Market Oversight in Light of Sluggish GDP Growth

Seoul: Finance Minister Choi Sang-mok on Thursday called for heightened market monitoring in response to increased uncertainties both domestically and internationally, following South Korea's disappointing economic growth in the third quarter, as reported by his office. According to Yonhap News Agency, Choi's comments came during a meeting with officials from his ministry after the Bank of Korea released data indicating that the country's gross domestic product (GDP) grew by just 0.1 percent quarter-on-quarter from July to September, falling short of market expectations. On an annual basis, the economy expanded by 1.5 percent in the third quarter, down from the 2.3 percent growth recorded in the preceding quarter. Choi highlighted that while there were indications of strengthened domestic demand, particularly in facility investment and consumption, the construction sector remained weak, and exports declined, contributing to the below-forecast economic performance. He emphasized the need for prompt impleme ntation of measures to boost domestic demand and underscored the importance of monitoring various external and internal factors, including the U.S. presidential election, the economic conditions of major economies, and the situation in the Middle East, which could further impact South Korea's economic stability.