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South Korean Finance Ministry raises concern about economic slowdown

The Finance Ministry of South Korea has warned that amid a continued buildup in price pressure, there are concerns about the economic slowdown due to sluggish investment and weak recovery of exports. In its monthly economic assessment report called the Green Book, the ministry said that market volatility and global economic downside risks further expanded due to the Federal Reserve's accelerating monetary tightening and global supply chain disruptions. The government presented a bleaker assessment than the previous month amid growing concerns about stagflation, a mix of slowing growth and high inflation. Lee Seung-han, a financial ministry official, said that it is hard to emphatically say the economy has entered the phase of a downturn, but the government has raised caution against a possible economic slowdown.

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