South Korea’s president-elect Yoon Suk-yeol speaks during a news conference to address his relocation plans of the presidential office, at his transition team office, in Seoul, South Korea, ReuterspixSouth Korea’s incoming President Yoon Suk-yeol on Sunday named Choo Kyung-ho as deputy prime minister and finance minister, as the country seeks to tackle surging inflation, household debt and demand for welfare.
As deputy prime minister, Choo, 62, would double as finance minister and oversee economic policy and replace incumbent Hong Nam-ki. His nomination came as Asia’s fourth-largest economy faces challenges of quelling decade-high inflation without destabilising the markets amid continued recovery from the coronavirus pandemic.
“The current economic situation are extremely serious, and internal and external circumstances are tough,“ Choo told a news conference, citing inflation and slowing growth.South Korean economy last year grew at the fastest pace in 11 years but is expected to slow in 2022 and consumer inflation is hovering at a decade high amid global supply shocks and Russia’s invasion into Ukraine.
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