The government is checking key local industries to gauge the impact of Europe's fiscal crisis and devise necessary countermeasures, Korea's top economic policymaker said Wednesday.
In a meeting with senior economic officials, Finance Minister Bahk Jae-wan said detailed monitoring is underway for nine critical industries along with the country's housing and construction sectors.
The nine industries are semiconductors, autos, mobile communication equipment, displays, general machinery, textiles, petrochemicals, ship building and steel.
The official said current conditions are not as bad as during the 2008 global financial crisis brought on by the collapse of U.S. investment giant Lehman Brothers, but there are signs of fallout.
"Depending on the industry, there are growing concerns that prolonged eurozone troubles will cause a drop in demand and lead to excess supply," the official warned.
He stressed that Seoul will set up contingency plans that best meet the needs of individual industries and put them into use if emergency situations arise.
Bahk, meanwhile, said every effort will be made to help enhance global competitiveness of important export industries and ensure South Korea maintains its trade surplus.
He said the government will share the latest developments taking place in Europe so companies can establish strategies to best cope with changes. (Yonhap)