The global economy still faces various uncertainties that require vigilant monitoring by the government, South Korea's finance minister said Thursday.
In a weekly meeting of economic policymakers, Finance Minister Yoon Jeung-hyun said keeping close tabs on overseas developments could allow Seoul to respond aggressively and quickly in case of future emergencies.
He said the country should maintain its current "emergency economic stance" at least until the end of the year as ordinary people have yet to feel positive effects of growth. The economy grew 7.2 percent on-year in the second quarter.
The Lee Myung-bak administration holds regular emergency management meetings and maintains a special "situation room" to follow the latest economic developments taking place abroad and
in the country. Such measures were implemented after international crude oil prices soared in mid-2008 and were used to help the country respond to the collapse of U.S. investment giant
Lehman Brothers later in the year. In 2008, the country's gross domestic product grew 2.3 percent from the previous year before falling to 0.2 percent in 2009.