Kim Yong-beom, Deputy Minister of Economy and Finance: "US Presidential Election Risks Largely Priced into Korean Financial Market... Limited Potential for Increased Volatility"

Macroeconomic and Financial Meeting

Review of Domestic and International Financial Market Trends, Real Economy Impact, and Future Response Measures
"Global Financial Markets More Stable Compared to the Past"

Kim Yong-beom, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the 'Macroeconomic Financial Meeting' held on the 5th at the large conference room of the Korea Development Bank annex in Yeouido, Seoul.

[Asia Economy, Reporter Joo Sang-don] Kim Yong-beom, First Vice Minister of the Ministry of Strategy and Finance, stated on the 5th that "the possibility of increased volatility in domestic financial and foreign exchange markets due to the U.S. presidential election will be limited."

Vice Minister Kim chaired a macroeconomic financial meeting at the Industrial Bank of Korea headquarters on the same day and said, "The U.S. election risk has been largely priced into our financial markets, and the broad framework of the U.S.'s accommodative monetary and fiscal policies will be maintained."

He explained, "Major stock markets in the U.S., Europe, and Asia closed higher, showing a relatively stable trend compared to past U.S. elections. Since the general market consensus is that efforts will be made to quickly finalize additional economic stimulus measures after the winner is confirmed, this is a time for calm response."

The government plans to make every effort to stabilize the domestic economy and financial markets while preparing for the possibility of continued uncertainty surrounding the U.S. election. Vice Minister Kim emphasized, "Under close cooperation among related agencies through macroeconomic financial meetings, we will strengthen monitoring of domestic and international financial market trends. We will actively respond to stabilize financial and foreign exchange markets by timely implementing pre-established market stabilization measures if volatility increases."

Regarding the recent economic situation, he assessed, "Recent real economy indicators have all rebounded, signaling an acceleration in the pace of economic recovery." He added, "With the third quarter growth rate turning positive, triple increases in industrial production, consumption, and investment in September, and both the consumer sentiment index and business sentiment index in October recording their largest increases in 11 years and 6 months, consecutive results are emerging that instill confidence that our economy's growth trend will continue in the fourth quarter and an early economic rebound is possible."

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