Yoon calls for preemptive response to economic challenges

SEOUL-- President Yoon Suk-yeol on Friday called for a preemptive response to various economic challenges facing the country, citing concerns about a trade deficit and an economic slowdown.

Yoon issued the call during a meeting with economic experts and government officials at the Korea Center for International Finance in his first public activity since taking office Tuesday.

"Due to the effects of the COVID-19 pandemic and disruptions to global supply chains, as well as rising inflation and the monetary policies of each country, volatility in the financial and foreign exchange markets is growing, while concerns exist about the trade balance posting a deficit and a slowdown in the real economy," he said.

"At times like this, the government should have an accurate understanding of the economic situation and, based on that, respond preemptively to a crisis," he said.

Yoon noted the Cabinet approved a 59.4 trillion-won (US$46.1 billion) extra budget proposal Thursday to help small merchants hit by the pandemic.

"In order to correctly diagnose the problem, I believe we always need to be prepared to find solutions in the field," he said, adding the economy, as felt by the people, is in a "very difficult" state.

Source: Yonhap News Agency