ID :
199916
Tue, 08/09/2011 - 04:36
Auther :
Shortlink :
https://oananews.org//node/199916
The shortlink copeid
PM calls for continued efforts to improve economic fundamentals
SEOUL, Aug. 9 (Yonhap) -- South Korea should continue efforts to improve its economic fundamentals in the long run, the prime minister said on Tuesday as the local economy remained susceptible to external shocks.
Local stocks nosedived more than 4 percent on Monday as the first-ever downgrade of the U.S. credit rating and fears over another global economic recession sparked panic selling.
"We should continue making efforts to bring a fundamental change to the country's economic fundamentals so as to better cope with external shocks," Kim Hwang-sik said during a Cabinet meeting.
"Some forecast that it will take considerable time to fundamentally settle this round of financial market instability as the U.S. and European countries' ability to respond has weakened," Kim said.
He ordered related government offices to closely monitor the inflow and outflow of foreign investments and liquidity of foreign currency while properly responding to them.
Local stocks nosedived more than 4 percent on Monday as the first-ever downgrade of the U.S. credit rating and fears over another global economic recession sparked panic selling.
"We should continue making efforts to bring a fundamental change to the country's economic fundamentals so as to better cope with external shocks," Kim Hwang-sik said during a Cabinet meeting.
"Some forecast that it will take considerable time to fundamentally settle this round of financial market instability as the U.S. and European countries' ability to respond has weakened," Kim said.
He ordered related government offices to closely monitor the inflow and outflow of foreign investments and liquidity of foreign currency while properly responding to them.
