South Korea worried about growing economic risks, amid impeachment push for Park
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SEOUL] 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 Ms 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.
Ms 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.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
