Seoul: South Korea will closely monitor economic conditions and take "timely" measures, the finance minister said Friday, amid recent volatility in the financial markets. Finance Minister Koo Yun-cheol made the remark during a meeting with economy-related ministers in Seoul, noting South Korea's economic fundamentals nevertheless remain strong, as reflected in the latest industrial output data.

According to Yonhap News Agency, industrial production rose 2.3 percent in June from a month earlier, marking the sharpest growth since a 2.9 percent increase posted in June 2020. "We need to proactively manage (economic situations) amid rising volatility in the financial markets and the prolonged Middle East war," Koo said.

"The government will remain vigilant, closely monitor economic conditions through emergency economic meetings and take timely measures," the senior official added. "We will further accelerate efforts to fundamentally stabilize people's livelihoods and strengthen the competitiveness of the business ecosystem."