S Korea's incoming finance minister says economy losing momentum

South Korea's incoming finance minister has said the economy was losing momentum and that any improvement in jobs and income distribution among households would be difficult to achieve in the near future.

“Recently our economy's overall growth momentum appears to be weakening, although indicators are mixed between sluggish investment and employment and solid consumption and exports,” Hong Nam-ki said in written answers to questions from parliament's strategy and finance committee.

“It is difficult to expect any improvement over the near term in the environment surrounding living standards, such as employment and income distribution, because there are various factors including structural ones involved,” Hong said.

Reuters obtained a copy of Hong's answers.

Hong, who was appointed by the presidential office last month, is scheduled to appear before the committee on Dec 4.