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Weighed down by economic uncertainties in the U.S. and Europe cracks have started to
show in Korea's economic recovery.
To keep the country on the right track, finance minister nominee Hyun Oh-seok has pledged
to quickly introduce measures to help the flagging economy.
Ji Myung-kil has more.
Finance minister nominee Hyun Oh-seok has said the government will increase government
spendings and seek other steps to boost the economy if his nomination is confirmed.
On the second day of his confirmation hearing Thursday, Hyun, who will also be nominated
as the deputy prime minister in charge of the economy, admitted that Korea may not achieve
the government's earlier growth forecast for three percent this year.
His remarks came as many of Korea's economic research institutes are projecting less than
two percent growth for the country's economy in the first quarter of this year, citing
weakening domestic demand and falling exports.
That would be the lowest first quarter growth since 2009 when the economy was hit hard by
the global financial crisis.
Hyun said uncertainties in the U.S. and Europe, poor corporate investment and weak domestic
consumer confidence all weighed on the economy.
He promised to initiate new policies to stimulate the economy, including seeking a supplementary
budget, expansionary monetary policy and easing of regulations on real estate transactions.
The finance minister nominee says he would also try to increase welfare spendings with
revenue generated by reducing tax breaks and cracking down on tax evasions..
Ji Myung-kil, Arirang News.