S.Korean PM expects economy to remain under pressure from high inflation, interest rates

by Theleaders-Online | February 2, 2023 7:02 am

SEOUL: South Korean Prime Minister Han Duck Soo (pix) said Thursday the country’s economy would stay under pressure from high inflation and interest rates for the time being, calling for measures to revive growth momentum and stabilise people’s livelihoods.

“The aftermath of high prices and high interest rates in the previous year will put strong pressure on our economy for the time being,“ Yonhap news agency quoted Han as saying in a meeting on state affairs.

“The government will closely monitor internal and external economic conditions, and expand the momentum of stabilising people’s livelihoods and revitalising the economy,“ Han said.

“We should focus our capabilities on innovation and make a rebound using the current adjustment process as an opportunity,“ he said.

Han’s remarks came as Statistics Korea reported that consumer prices rose 5.2 per cent on-year last month, compared with 5 per cent growth estimated in December.

South Korea’s economy contracted 0.4 per cent in the final quarter of last year, hit by weakening exports and consumption.

Han said exports and consumption could rebound in the second half of this year. –Bernama

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