Updated February. 24, 2014 07:28
The finance ministers and central bank governors of G20 who met in Australia have said that Korea is distinguishing itself from other emerging economies with solid economic fundamentals.
According to the Ministry of Strategy and Finance on Sunday, finance leaders of G20 including IMF Managing Director Christine Lagarde, Australian Finance Minister Joe Hockey, German Finance Minister Wolfgang Schaeuble and British Finance Minister George Osborne expressed their assessment on the Korean economy like this in a conference with Korean Finance Minister and Deputy Prime Minister Hyun Oh-seok on Saturday.
Participants including Lagarde agreed with Hyuns analysis that emerging economies have been differentiated from one another since the beginning of U.S. tapering, saying that while emerging economies with great political uncertainties and current account deficits are affected by the withdrawal of quantitative easing more than expected, Korea has a sufficient capability to respond to it.
Hyun consistently claimed at this G20 meeting that the reduction of quantitative easing should be conducted in a prudent manner, considering its impact on the global economy as well as emerging economies. And his assertion was incorporated into the joint communiqué, which has been adopted the delegates from the participating nations. The communiqué includes the G20 members agreement on implementing monetary policies based on prudent coordination and clear communication among member countries while being mindful of their impacts on the global economy.