Finance minister sees low oil price benefit South Korean economy
South Korean Finance Minister Choi Kyung-hwan
Incheon - Yonhap
South Korean Finance Minister Choi Kyung-hwan said Thursday that the falling global oil price will be a boon for the South Korean economy as it reduces costs and boosts domestic demand.
"If the oil price does drop 30 percent, a household can save 500,000 won (US$460) in fuel expenses per year," Choi said while visiting a container terminal at Incheon port, South Korea's main maritime gateway. "We have to make good use of this downbeat trend in oil prices."
Asia's fourth-largest economy relies on imports for virtually all its oil needs.
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