Yoon: "Current Account Surplus Expected by Year-End Cumulative Basis... Don't Be Too Anxious"

President Yoon: "South Korea's External Credibility Better Than Japan's"
"Will Nurture Growth Engines and Manage Well... Economic Team Operating 24-Hour Emergency System"
On Tour Controversy: "I Believe Many Achievements Were Made"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol on the 4th addressed predictions that the international economic situation might be difficult, stating that the current account balance is expected to show a surplus on a year-to-date basis by the end of the year. He urged the public not to be overly anxious and to continue their economic activities.

On the morning of the same day, while heading to the Yongsan Presidential Office, President Yoon told reporters, "I saw many articles about the economy in the morning newspapers. The Federal Reserve continues to raise interest rates, and there are forecasts that the economy might face difficulties."

He continued, "There are ongoing crisis theories circulating in political circles. At times like this, we need to respond calmly. Even from the international community’s perspective, showing that the Korean government is systematically addressing these economic uncertainties enhances the credibility of our economy," he emphasized.

He added, "In any case, the government will always maintain sound fiscal management, take care of people's livelihoods, and continue to nurture growth engines carefully."

He also stressed, "Just recently, on the 27th, Fitch Ratings in New York evaluated our external creditworthiness, and we still hold a favorable rating of AA-, which is two notches higher than Japan."

He forecasted, "Although there is a trade deficit due to rising import raw material prices caused by falling semiconductor prices, the current account balance is expected to remain in surplus on a year-to-date basis by the end of the year."

Furthermore, he promised, "Please do not be overly anxious and continue your necessary economic activities. The government will meticulously operate a 24-hour emergency system."

Meanwhile, in response to reporters' questions about the controversy surrounding his overseas trips becoming a political issue, President Yoon replied, "The president’s diplomatic activities are solely for national interests, and I believe we achieved many outcomes during this trip."

Kim Eun-hye, the presidential office’s chief spokesperson, evaluated President Yoon’s schedule over the past two weeks, including his visits to the United Kingdom, the United States, and Canada, stating, "It was a time to reaffirm freedom and solidarity, confirming strengthened national interests and alliances. We increased the possibility of resolving pressing issues such as responding to the Inflation Reduction Act (IRA), supplying liquidity for financial stability, and extended deterrence against North Korea."

This content was produced with the assistance of AI translation services.