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Seoul allays concerns about economy

Seoul allays concerns about economy


South Korea has sought to assuage concerns over the economy and political uncertainty following President Park Geun Hye’s impeachment vote, with two key ministers pledging that the government is doing all it can to stabilise Asia’s fourth largest economy amid headwinds.

Finance Minister Yoo Il Ho, addressing foreign media in December 2016, acknowledged that the country faces numerous uncertainties domestically and globally, but he will work closely with relevant ministries to “successfully navigate through these tough times” and keep the economy “strong and stable”.

The move came as prosecutors indicted former presidential aide Cho Won Dong and former vice-culture minister Kim Chong as part of their investigations into a corruption and influence-peddling scandal involving Ms Park and her good friend Choi Soon Sil.