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Seoul, December 16 (IANS) The credibility and capacity of the South Korean economy accumulated before the Covid-19 outbreak has helped the export-driven economy weather the external shock of the global pandemic recession, said Vice Premier Hong Nam-ki.

“Whenever crises have occurred (in the past), fluctuations have been significant in external economic and financial sectors due to the heavy reliance (of the South Korean economy) on world trade,” said Hong, who is also Minister of Economy and Finance, press conference with foreign media in Seoul.

Compared to past crises, South Korea’s credit rating indicators showed a significantly “stable” picture this time thanks to the economy’s accumulated credibility and the country’s ability to seize the opportunities of the crisis. , he noted.

The country’s foreign exchange reserves continued to increase, from $ 443.1 billion at the end of 2020 to $ 446.1 billion three months later, reaching a monthly record of $ 469.2 billion at the end of October of this year. , the Xinhua News Agency reported.

The premium on credit default swaps, which assesses the country’s sovereign credit risk, hit a record low of 17 basis points on August 30, before rising to 21 basis points on December 10.

Hong said the accumulated credibility and capacity of the South Korean economy has led to the growth of exports, leading to the country’s rapid economic recovery after the pandemic shock.

Exports, which account for about half of South Korea’s economy, topped $ 50 billion for the ninth consecutive month for the first time, hitting a monthly record of $ 60.44 billion in November.

Outbound shipments in both traditional and new industries have increased this year amid increased exports from small and medium-sized enterprises, Hong added.

–IANS

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