Korea is not clear of the crisis haunting the global economy but is well capable of overcoming it, the finance minister said Friday, adding such potential and capabilities have also been recognized by others.
The remarks from Bahk Jae-wan came one day after global ratings agency Fitch Ratings upgraded the country's sovereign credit rating by one notch from "A+" to "AA-," the fourth-highest on Fitch's rating scale.
"This means two out of three international judges have decided the country belongs to the AA group," the Ministry of Strategy and Finance quoted Bahk as telling a crisis management meeting.
The judges comment apparently refer to Fitch and Moody's Investors Service, which also upgraded the country's rating by one notch to Aa3 late last month. Standard & Poor's Financial Services, the remaining of the three major international ratings agencies, has yet to follow suit but is widely expected to do so.
Bahk said Fitch's upgrading of the country's credit rating did not mean the country is now out of difficulties, which he earlier said were created by external conditions, but that its ability to overcome such difficulties has been recognized.
"If we fully exercise our problem-solving ability that has been internationally recognized, we can overcome the existing problems before any other country," he said. "And if we take this opportunity to also improve the constitution of our economy, we can finally take the leap from being a fast follower to a first mover."
He noted, however, that the country was still facing difficulties created by the eurozone debt crisis and slowing growths of major economies, including the United States and China, that are hurting South Korea's exports.
The country's exports dipped from a year earlier for two consecutive months in July and August while the accumulated total for the January-August period shrank 1.5 percent on-year, the Ministry of Knowledge Economy said earlier.
Bahk, well-known for his love of baseball, said it was more important to aim than to throw hard especially in a pinch, quoting former Major League Baseball pitcher Greg Maddux.
"We must focus our efforts to pursue policies that are more elaborate, reasonable and efficient and will help revitalize the economy while not neglecting the livelihood of the people," he told the meeting, according to the ministry. (Yonhap)