By Jung Joo-ri and Kim Young Shin

Deputy Prime Minister and Minister of Economy and Finance Kim Dong-yeon discussed Korea’s economy and related policies with Fitch Ratings President Ian Linnell at the Fitch headquarters in London on Nov. 28 before attending the G20 meeting.

Minister Kim mentioned that Fitch has maintained Korea’s rating at “AA-,” the fourth-highest rating, since September 2012 and said, "Korea’s economy has since improved remarkably especially regarding geopolitical risks and fiscal soundness.”

He also stressed that the inter-Korean summits and the North Korea-U.S. summit have brought an important momentum to denuclearization and peace on the Korean Peninsula. “Korea will closely cooperate with the international community while preparing for inter-Korean exchanges and collaboration,” said Kim. Fitch commented that such development in inter-Korean relations is surprisingly positive.

The finance minister added that Korea’s economy has demonstrated solid growth since last year and exports and consumption are also at a fine level.

Regarding the Korean government’s fiscal policy for 2019, Kim said, “the country’s expansionary fiscal spending is aimed at solving social structural problems such an aging society and polarization and at boosting the growth potential.”

“The Korean government’s fiscal soundness is still at a good level compared to major countries, and the administration will keep trying to maintain long-tern fiscal sustainability,” said the finance minister as he called for the positive factors of the Korean economy to be reflected in the sovereign credit rating.

etoilejr@korea.kr