Economic chief calls for crisis management to stabilize market

By Park Sae-jin Posted : November 7, 2016, 12:47 Updated : November 7, 2016, 12:47

[Courtesy of Financial Services Commission]


South Korea's top financial official called Monday for "crisis" management saying internal and external risks were weighing heavily on Asia's fourth largest economy.

Financial Services Commission (FSC) chairman Yim Jong-yong, who was named as finance minister in a recent cabinet shake-up, warned South Korea's economy is now in "crisis".

"We should take measures on the assumption that we are now in crisis," Yim said, urging financial officials to launched an "emergency situation room" to monitor market uncertainties at home and abroad.

If necessary, Yim said the government should take quick measures to stabilize the market, citing risk factors such as the US election, an interest rate hike, sluggish exports, weak domestic consumption, and snowballing household debts.

"Internal and external risks are weighing heavily on our economy," Yim said. "Even a small crack in our risk management can deliver a considerable shock to our economy and the entire financial system."

Aju News Lim Chang-won = cwlim34@ajunews.com
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