S. Korea’s PM nominee stresses need to revitalize economy

SEOUL, Dec 18, 2019, Yonhap. Prime minister nominee Chung Sye-kyun on Wednesday raised the need to revitalize economic momentum as the top priority in boosting the sagging economy. His remarks came as the South Korean economy is slowing down on faltering exports and sluggish domestic demand amid heightened external uncertainties, Yonhap reported.

“I think it is most important to set the stage to help economic agents do economic activities vibrantly,” Chung told reporters when asked about the top priority for the economy.

“Making the economy regain its momentum is very important,” he added.

President Moon Jae-in named Chung, a six-term ruling party lawmaker and former National Assembly speaker, as the new prime minister on Tuesday. If his nomination is approved by parliament, he will succeed Lee Nak-yon.

Chung is known for expertise in economic affairs. He worked at a local conglomerate for 17 years before he entered politics and served as trade minister between 2006 and 2007.

Moon’s pick appears to reflect his strong commitment to bolstering the economy in the second half of his single five-year presidency.

Chung said he will faithfully prepare for a parliamentary confirmation hearing, whose schedule has yet to be fixed.

Critics voiced concerns that his nomination could hamper the principle of separation of powers as a former parliamentary leader was tapped for the top administrative position.