Finance Minister Koo Yun-cheol, middle, poses with officers from international credit standing company Fitch Rankings on the Authorities Complicated Seoul, Thursday. Courtesy of Ministry of Economic system and Finance
Finance Minister Koo Yun-cheol met with visiting officers from international credit standing company Fitch Rankings on Thursday to debate Korea’s financial state of affairs and key coverage instructions, Koo’s workplace stated.
The assembly was a part of Fitch’s annual session with home authorities earlier than figuring out the nation’s sovereign credit standing, in keeping with the Ministry of Economic system and Finance.
In the course of the assembly, Koo famous that the nation’s actual gross home product (GDP), a key gauge of financial development, expanded 1.2 p.c within the third quarter from the earlier quarter.
He attributed the advance to the brand new administration’s swift and aggressive coverage response, together with the distribution of money handouts, known as consumption coupons, and two rounds of supplementary budgets.
Koo added that the economic system is at a “turning level” that may form the nation’s development trajectory for many years, pledging to push forward with initiatives aimed toward fostering new development engines, the ministry stated.
In response, Fitch officers stated they appreciated Koo’s clarification and that it might assist improve their understanding of the Korean economic system and help their analysis, the ministry stated.
The officers additionally expressed robust curiosity in Korea’s synthetic intelligence (AI)-driven transition as its key financial agenda.
Fitch representatives have met with a number of authorities establishments, together with the finance ministry and the Financial institution of Korea, throughout their three-day evaluation beginning on Tuesday forward of the ranking choice.
Fitch has maintained Korea’s sovereign ranking at “AA-” since September 2012, when it upgraded the nation by one notch from A+, with a secure outlook. The ranking is the fourth-highest degree on the company’s scale.
The results of the most recent credit score assessment is anticipated to be introduced within the first half of subsequent yr.
