Seoul: The nominee for prime minister said Thursday he will put his top priority on reviving the nation's sluggish economy and promoting national unity if he is appointed, comparing the current economic situation with the financial crisis in 1997.

According to Yonhap News Agency, four-term lawmaker Kim Min-seok, the nominee to become President Lee Jae-myung's first prime minister, made the remarks earlier in the day as he prepares for a parliamentary confirmation hearing to be appointed to the role. "It is currently a difficult situation like a second IMF crisis," Kim said, referring to the 1997 crisis. "I will engrave in (my heart) two things everyday - the public livelihood and unity."

Kim elaborated on the current economic challenges, stating that the situation is more difficult than the crisis in the 90s, noting that the country's economy at the time had been on an upward trajectory. "Now the economic trend itself is going downward and stagnating," he said. "The public livelihood is far more difficult. What is more important is that the international environment -- the United States, Japan, China, Russia and North Korea -- is multiple times more complex."

He emphasized the importance of prioritizing the public livelihood in state affairs, mentioning that he has discussed such matters with President Lee since the presidential race. Regarding potential picks for members of Lee's administration, Kim stated that the president is prioritizing their level of competence in state affairs and seeking a diverse group.

Kim will be cleared for appointment once he receives parliamentary approval following a confirmation hearing. In South Korea, the prime minister is the only Cabinet post that requires parliamentary approval.