South Korea's Finance Minister warns of economic slowdown due to political turmoil and won weakness.

South Korea's Finance Minister, Choi Sang-mok, warns of an economic slowdown due to political turmoil, which has weakened the South Korean won to a 15-year low. Economic forecasts for this year and next are set to be revised downward, possibly below the 2% potential growth rate. Choi emphasized the need for active fiscal policies without specifying if a supplementary budget will be required. The Bank of Korea will collaborate to manage volatility in the foreign exchange market. Exports, a key growth driver, are also slowing, adding to economic concerns.

December 22, 2024
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