South Korea Finance Minister concerned about recession after inflation comes under control ...Middle East

SEOUL: South Korea's chief economic policymaker said Wednesday that he is gravely concerned about a possible recession after soaring inflation stabilises.His remarks came after the Bank of Korea (BOK) raised its policy rate by a half percentage point, the largest-ever increase, earlier in the day to combat high-flying inflation.“(The BOK’s rate hike) will help rein in rising expected inflation down the road,“ Yonhap news agency reported Finance Minister Choo Kyung-ho said in a forum held in Jeju. “In October, consumer prices may stabilize, and our next concern may be economic recession,“ he said.The finance minister emphasised that his task is to balance inflation against economic recession.

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