SEOUL– President Moon Jae-in asked Finance Minister Hong Nam-ki on Thursday to take care of the economy “without wavering until the end” of his term, amid speculation the chief economic policymaker could quit to run for Gangwon governorship.

Moon made the remark after he was briefed on the direction of next year’s economic policy, and Hong responded he will do his best until the administration’s term ends in early May, according to presidential spokesperson Park Kyung-mee.

“I hope you will play a role well for the success of the economy without wavering until the end of the term,” Moon was quoted as saying. In response, Hong said, “I will do my best until the end of the term,” according to Park.

Speculation has persisted Hong could resign to run for governor of his native Gangwon Province in June’s nationwide local elections. By law, public officials must leave office at least 90 days before an election.

During Thursday’s meeting with Moon, Hong said South Korea’s economy is expected to show signs of recovery in consumption, investment and exports next year.

However, the spread of the omicron variant, supply chain disruptions and normalization of monetary policies in major economies are likely to weigh on the nation’s economic recovery, Hong said.

Moon also instructed Hong to form a task force to stabilize prices in the wake of the Lunar New Year holiday season.

The finance ministry forecast the Korean economy will likely grow 3 percent in 2022 after expanding an estimated 4.2 percent this year.

But the latest spike in COVID-19 cases and the spread of the new omicron variant are casting a cloud over the recovery of private spending.

Source: Yonhap News Agency