- Title: South Korea says Park impeachment could worsen sentiment
- Date: 11th December 2016
- Summary: SEOUL, SOUTH KOREA (DECEMBER 11, 2016) (REUTERS) NEWS CONFERENCE OF SOUTH KOREAN FINANCE MINISTER, YOO IL-HO, IN PROGRESS VARIOUS OF JOURNALISTS SITTING YOO AND JOURNALISTS AT NEWS CONFERENCE ROOM (SOUNDBITE) (Korean) SOUTH KOREAN FINANCE MINISTER, YOO IL-HO, SAYING: "This political situation is further weighing on the economy and a downturn in sentiment could be another problem. This is likely the biggest economic hurdle the political issue at hand could bring about." JOURNALIST TYPING JOURNALISTS SITTING NEWS CONFERENCE IN PROGRESS
- Embargoed: 26th December 2016 06:44
- Keywords: finance minister yoo il-ho economic growth sentiment economy impeachement president
- Location: SEOUL, SOUTH KOREA
- City: SEOUL, SOUTH KOREA
- Country: South Korea
- Reuters ID: LVA0015CFUO1X
- Aspect Ratio: 16:9
- Story Text: South Korea's finance minister said on Sunday (December 11) parliament's vote to impeach President Park Geun-hye could hamper economic growth if sentiment was undermined.
Minister Yoo Il-ho said the current economic situation was very different from the circumstances Asia's fourth-largest economy saw during the 2008-2009 global financial crisis, but it had scope to further burden growth.
"This political situation is further weighing on the economy and a downturn in sentiment could be another problem. This is likely the biggest economic hurdle the political issue at hand could bring about," Yoo told a news conference for foreign media in Seoul.
Parliament on Friday (December 9) passed a bill to impeach President Park over an influence-peddling scandal.
A Constitutional Court must now consider the vote and decide whether to uphold it.
Yoo said the government's budget for next year would be implemented "faithfully" while his ministry's existing policy stance would be maintained in a consistent manner.
When asked about government ministers would step down, as demanded by some opposition lawmakers, Yoo said ministers believes they should fulfill their duties according to the law.
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