SEOUL, Feb. 10 (Korea Bizwire) – The South Korean government said Wednesday the local economy remains intact despite the latest provocations made by North Korea, adding it will roll out market stabilization measures in case of any contingencies.
“There have been no special trends after North Korea’s missile launch during the holiday,” Vice Finance Minister Choi Sang-mok said. South Korea’s Lunar New Year holiday runs through Wednesday.
On Sunday, the North launched a rocket carrying the Kwangmyongsong-4 satellite, which was viewed by many as a cover for testing its intercontinental ballistic missile technology.
Choi said his ministry will roll out market stabilization efforts if uncertainties following further provocations and the sanctions made by the international community damage the local economy.
“While the stock markets of major economies, including Japan, lost ground over the Lunar New Year holiday, the decrease is attributable to falling oil prices,” Choi said. “The foreign exchange market is also stable.”
He said Pyongyang-driven risks will have a limited impact on the South Korean economy, considering the country’s sound financial health and previous experiences.
The government will initiate a 24-hour monitoring of the local economy and respond promptly to any signs of economic damage, he said.