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South Korea’s Vice Finance Minister, Kim Yong Beom, reveals that the government will work to make sure that the country’s financial stability will be safe and sound after suffering from setbacks due to the COVID-19 pandemic.
Economic policymakers to ensure the country’s financial soundness
The Korea Herald reported that amid the crisis, more and more people are getting concerned because it seems that only the asset market, like the property and stock markets, are thriving these days. He stated that there is nothing to be worried about because they will be focusing on the financial side and make sure money will flow not just in the asset markets despite the continuing fight with COVID-19.
"Authorities are facing the task of closely managing liquidity that has sharply increased in the process of crisis responses so as not to hurt financial stability and exploring ways for the soft-landing when unwinding measures to tackle the pandemic," he said during a financial conference.
At any rate, concerns are mounting because they noticed that the interval between the financial markets and economy is widening. With the observation, economic policymakers warned that the country could encounter a bigger crisis this year if this will not be addressed.
Based on the report, the country’s stock index tapped out over the 3,000 mark on Wednesday, and this happened for the first time. The Korea Composite Stock Price Index (KOSPI) dived by 31% in 2019 alone as per the data.
Bank of Korea’s report
Meanwhile, as per Yonhap News Agency, the Bank of Korea stated in December that South Korea's financial market is stable. However, the central bank warned that with the pandemic still raging, there is no certainty if the financial stability will remain in place and will keep growing in 2021.
The country's financial stability index grew to 22.3% in April, but since then, it has plummeted to 7.7%. Overall, Bank of Korea predicted that the economy will grow by 3 percent this year.
South Korea is one of the Asian countries with the biggest economy, and it is actually in fourth place. With its booming industry in technology, it will definitely continue to grow despite the hurdles brought about by the coronavirus crisis.
