Deputy Prime Minister Choi Sang-mok: "Resolving Uncertainty in the Process of Managing South Korea's Political Situation"

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is shaking hands and taking a commemorative photo with Lee Kou-ching, Director of the ASEAN+3 Macroeconomic Research Office (AMRO), on the 16th at the Bank of Korea in Jung-gu, Seoul. Photo by Ministry of Economy and Finance

Following the passage of the impeachment motion against President Yoon Suk-yeol, Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, evaluated the political situation by stating that "the uncertainty regarding the recovery process was resolved over the past weekend."

Deputy Prime Minister Choi made these remarks on the 16th at the ‘ASEAN+3 Economic Cooperation Financial Stability Forum’ held at the Bank of Korea in Jung-gu, Seoul, saying, "We are well aware of the international community's concerns about South Korea's political situation." He added, "I can confidently say that South Korea's economic system is solid and the emergency response system is operating stably."

The "recovery process" referred to by Deputy Prime Minister Choi appears to mean the process of resolving the political and economic repercussions following President Yoon's declaration of martial law on the 3rd. The first impeachment motion against President Yoon was dismissed due to insufficient votes, leading to continued political turmoil. However, with the passage of the presidential impeachment motion on the 14th, Deputy Prime Minister Choi believes that political uncertainty has somewhat subsided.

He also revealed strategies to address global economic uncertainties. Deputy Prime Minister Choi stated, "In a global economic structure where interconnections between countries have become closer, to effectively respond to rapidly changing economic conditions, it is necessary to strengthen financial and economic cooperation among regional countries." He mentioned, "The introduction of a rapid financial support system within the regional financial safety net, agreed upon last May, is a representative achievement and example of such cooperation."

Deputy Prime Minister Choi self-assessed, "The fundamental solution to the emerging medium- to long-term risk factors ultimately lies in expanding growth potential through economic structural reform." He added, "South Korea has been fully committed to fundamentally improving its economic constitution by preparing a dynamic economic roadmap alongside strengthening industrial competitiveness and addressing low birth rates and aging."

He further noted, "As emphasized by this year's Nobel laureates in Economics, efforts to establish inclusive laws and institutions must accompany sustainable growth."