IMF chief: S. Korean economy 'resilient'

World
Europe

Despite increasing tension on the Korean Peninsula, South Korea's economy has remained resilient, said International Monetary Fund (IMF) Managing Director Christine Lagarde on Monday.

"I believe that Korean economy is extremely resilient and has demonstrated resilience in the face of the uncertainty," the IMF chief said during a press conference in Seoul.

She said any tension damaged economic development, but she noted that she saw both downside in escalation of tensions and upside in trying to resolve the tensions.

Geopolitical risks mounted on the peninsula after the DPRK's test last week of what it claimed was a hydrogen bomb warhead that can be fitted atop an intercontinental ballistic missile.

The sixth nuclear test was seen as the most powerful ever conducted by Pyongyang, which detonated its first atomic device in 2006.

Lagarde said the S. Korean economy, which is strong and highly diversified, and has multiple trading partners, would stand firmly despite the geopolitical risks, expressing her hope that situations would be resolved in the future.

The IMF head arrived in Seoul last week for her seven-day visit. Before the press conference, Lagarde met with South Korean President Moon Jae-in to exchange views over a wide range of economic issues, according to the presidential Blue House.

Source(s): Xinhua News Agency