Key Points
- The President-to-be of South Korea nominates Choo Kyung-ho as Deputy Prime Minister and Minister of Finance.
- South Korea is in haste to recover from the pandemic.
- The new Finance Minister is to tackle heavy inflation within South Korea.
The new president of South Korea, Yoon Suk-yeol, who is yet to be officially made president, nominated Choo Kyung-ho as the new Prime Minister. President Yoon is to officially take office on May 10 and Choo Kyung-ho will be handling dual roles as both the Prime Minister and Minister of Finance of South Korea.
The president-elect also assigned 08 cabinet ministers including a new Minister of Defense, Minister of Industry, Minister of Land and Minister of Health, who will be confirmed in a parliamentary gathering. The 62 year old Prime Minister and Minister of Finance, Choo, will delegate the economic condition of the country.
Prime Minister Choon is complete with 33 years of government service experience. Hence the economy of South Korea might take a turn for the better. South Korea, one of Asia’s top five economies, is currently battling with heavy inflation and challenges to its markets. Choon will face the challenges of stabilizing the South Korean economy during his time as the Prime Minister.
Choon stated his interest in uplifting the living conditions of people along with the country’s economy. Choo expects to provide relief on taxes and reduce levy on properties. The private and small scale businesses affected by the pandemic will also see support from the Prime Minister. The economy of South Korea is a crucial factor to the entire world. Since South Korea is a major supplier of circuits, vehicles, refined petroleum and vehicle parts, a downfall in the South Korean economy will affect the world at large.
Reference,
https://www.channelnewsasia.com/asia
-Dilshan Rukshana-
