New finance minister calls for preemptive responses to economic uncertainties

Finance Minister Lee Hyoung-il, who assumed his role officially on Tuesday, has emphasized the need for proactive steps to tackle economic uncertainties arising from geopolitical risks. Speaking in his inaugural session with high-ranking officials, Lee highlighted that while the South Korean economy has generally seen a recovery, there are still concerns surrounding elements such as the semiconductor industry cycle, as per the Ministry of Finance and Economy.

Lee urged officials to re-evaluate risks within the real estate, financial, and foreign exchange markets from scratch and to implement preemptive actions when necessary.

During the meeting, Lee stated that controlling inflation would be his primary concern, a viewpoint he expressed during his confirmation hearing. He further mentioned that the benefits of economic growth should be evenly distributed across various regions, demographic groups, and industries. Lee stressed that policies must bring about tangible changes that people can perceive. He affirmed that the government would actively listen to the public and seek answers on the ground.