S. Korea to maintain current macroeconomic stance: official

SEOUL, May 12 (Yonhap) -- South Korea will maintain its current macroeconomic
stance, despite the faster-than-expected pace of economic recovery, a senior
government official said Wednesday.
Vice Finance Minister Yim Jong-ryong told reporters that for the time being,
Seoul will not alter its policy of bolstering economic growth, even though
various indicators show recovery may be gaining momentum.
Yim's remark comes after the country's jobless rate fell to 3.8 percent last
month compared with 4.1 percent in March, with the private sector creating
303,000 more jobs.
The 401,000 new jobs created overall in April is the highest increase reported in
four and a half years.
"It takes more than improvements in the job market and other indicators to
implement a full-fledged 'exit strategy' since overall economic conditions both
inside and outside the country must be examined in detail," Yim said.
The country's industrial production and exports have posted solid gains in recent
months, fueling speculation that Seoul will implement an exit strategy that may
call for the withdrawal of economic stimulus efforts, and the raising of key
interest rates which have been fixed at 2 percent for 15 months.
"Timing is important when it comes to pushing forward an exit strategy, and Seoul
must not take premature actions, while at the same time not be too slow to make
changes," Yim said.
After posting a 0.2 percent on-year gain in 2009, the government said South
Korea's economy may be able to pull off growth topping 5 percent this year.
yonngong@yna.co.kr
(END)

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