AFP, Seoul :
South Korea’s finance minister vowed Sunday to keep Asia’s fourth-largest economy “strong and stable” after a decision by lawmakers to impeach President Park Geun-Hye threatened to hurt growth.
Yoo Il-Ho’s comments came after parliament voted Friday to impeach Park, stripping away her executive powers over an influence-peddling scandal and opening up a new period of uncertainty for the country.
“The Korean government is mindful of the severity of the current situation,” Yoo told foreign reporters.
“I promise you that we will do everything we can to keep our economy strong and stable.”
South Korea has been struggling with soaring household debt, low birth rates and rising youth unemployment with its economy expanding at the slowest pace in recent years.
Yoo said the latest political crisis was another burden for an economy already hammered by external uncertainties such as falling oil prices and growing protectionist tendencies by major economies.
“The biggest vulnerability from the political issue is that it will put a dent on our sentiment,” he said, adding the finance ministry aimed to “successfully navigate through these tough times”.
South Korea’s finance minister vowed Sunday to keep Asia’s fourth-largest economy “strong and stable” after a decision by lawmakers to impeach President Park Geun-Hye threatened to hurt growth.
Yoo Il-Ho’s comments came after parliament voted Friday to impeach Park, stripping away her executive powers over an influence-peddling scandal and opening up a new period of uncertainty for the country.
“The Korean government is mindful of the severity of the current situation,” Yoo told foreign reporters.
“I promise you that we will do everything we can to keep our economy strong and stable.”
South Korea has been struggling with soaring household debt, low birth rates and rising youth unemployment with its economy expanding at the slowest pace in recent years.
Yoo said the latest political crisis was another burden for an economy already hammered by external uncertainties such as falling oil prices and growing protectionist tendencies by major economies.
“The biggest vulnerability from the political issue is that it will put a dent on our sentiment,” he said, adding the finance ministry aimed to “successfully navigate through these tough times”.
