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S. Korea's vice finance minister leaves for France for OECD meeting

Economy 13:50 May 21, 2019

SEJONG, May 21 (Yonhap) -- South Korea's vice finance minister left for France on Tuesday to attend a key annual meeting of the Organization for Economic Cooperation and Development (OECD), the finance ministry said.

Lee Ho-seung and his counterparts from the OECD are set to discuss how governments and the international community can cope with economic and social changes caused by the digital transition during the ministerial council meeting in Paris later this week, according to the ministry.

South Korea's Vice Finance Minister Lee Ho-seung (Yonhap)

The participants also plan to discuss their macroeconomic policies based on the upcoming OECD economic outlook and how to coordinate their policies, it said.

In March, the OECD slashed its growth outlook for South Korea's economy this year to 2.6 percent from its previous forecast of 2.8 percent in November.

Lee plans to meet with OECD Deputy Secretary-General Masamichi Kono and OECD chief economist, Laurence Boone, as well as Hungarian Finance Minister Mihaly Varga on the sidelines of the annual meeting, according to the ministry.

South Korea will be represented by Foreign Minister Kang Kyung-wha at the annual meeting as Hong Nam-ki, the minister of economy and finance, has canceled his trip to take care of domestic issues, such as an extra budget bill.

Last month, the South Korean government proposed the 6.7 trillion-won (US$5.6 billion) extra budget to deal with an economic slowdown and fine dust air pollution.

Still, it remains unclear when the parliament could vote on the bill amid a deepening political standoff over the ruling party's attempt to fast-track four major bills, including one on electoral reform.


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