Yoons vows to prevent another financial crisis
SEOUL, Aug. 24 (Yonhap) — President Yoon Suk-yeol said Wednesday he will make thorough preparations to prevent another financial crisis and ease the people’s economic burdens.
Yoon made the remark while presiding over a macrofinancial meeting with government officials and economic experts, citing the weakening won and widening trade deficit.
“Compared to past crisis situations, our economy’s external financial soundness has improved significantly, but we can’t let down our guard for a second,” he said during the meeting held at the aT Center, a convention center specializing in events promoting agricultural and fisheries products, in southern Seoul.
“Since the government shifted to an emergency economic platform in June, I’ve been presiding over emergency economic and livelihood meetings each week to carefully look into the public’s livelihood issues one by one,” he said. “I will thoroughly check and respond so that a crisis situation doesn’t recur in finance and foreign exchange and the difficulties in people’s livelihoods are not intensified further.”
While global oil and grain prices have stabilized, Yoon said the country continues to face inflation risks due to Russia’s reduction of gas supplies to Europe.
He also said interest rate hikes in major economies and the surrounding uncertainty have added to the volatility of financial markets and increased the potential for a global economic slowdown.
