South Korea worried about growing economic risks, amid impeachment push for President Park
Reuters
Published Dec 08, 2016 01:12
South Korea worried about growing economic risks, amid impeachment push for President Park
SEOUL (Reuters) - South Korea' finance ministry said on Thursday it is concerned about further risks to the economy from "domestic issues", as parliament prepares to hold an impeachment vote on South Korean President Park Geun-hye.
The ministry did not explicitly point to the deepening political scandal surrounding Park in its monthly assessment of the economy, but said it was concerned domestic issues may result in weaker consumption and investment at a time when many global uncertainties persist.
That would put more pressure on an economy that is struggling with weak industrial production and exports and high levels of household debt.
The report comes a day after Finance Minister Yoo Il-ho cited the uncertain outlook for leadership in Asia's fourth- largest economy as a risk to growth.
Park's embattled presidency faces a critical juncture, with parliament expected to hold an impeachment vote on Friday. Even if the motion is passed, it must be upheld by the Constitutional Court, a process that could mean the political crisis will drag on for months.
The ministry said private consumption has rebounded in recent months but largely due to government-led retail promotions.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.