Breaking News
Investing Pro 0
Free Webinar - Crude Oil Trading 2023 | Thursday, February 9, 2023 | 01:00PM PST Enroll Now

South Korea ministers pledge to boost economy

Economy Oct 27, 2022 02:32AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Hanjin Shipping's container terminal is seen at the Busan New Port in Busan, about 420 km (261 miles) southeast of Seoul August 8, 2013. REUTERS/Lee Jae-Won/File Photo

SEOUL (Reuters) -South Korea's government said on Thursday it would ease regulations on the housing sector and boost policy support for the rechargeable battery and shipbuilding sectors to offset the growing downside economic risks ahead.

The pledges were unveiled at a rare televised meeting of ministers headed by President Yoon Suk-yeol hours after central bank estimates showed Asia's fourth-largest economy posted its slowest growth in a year in the third quarter.

The financial regulator said financial restrictions on the housing sector would be eased to boost housing transactions, such as raising the ratio of maximum mortgage borrowing in the capital area to 50% from as low as 20% at present.

The industry minister said at the meeting his ministry would announce policy support measures as early as next month to further strengthen global leadership of the country's rechargeable battery manufacturers.

The land minister said his ministry would strengthen efforts to win more of the growing construction projects at energy producing countries in the wake of the surge in global energy prices.

Yoon, suffering from poor public support ratings in opinion polls as the economy loses momentum, has been hosting similar meetings frequently since taking office in early May but this was the first televised session.

Finance Minister Choo Kyung-ho highlighted how South Korea's heavily export-dependent economy faced growing risks due to a mix of high interest rates, the U.S. dollar's strength and sky-rocketing inflation across the world.

South Korea ministers pledge to boost economy
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email