Seoul: South Korea's financial sector will help the country navigate mounting uncertainties and challenges at home and abroad, driving economic recovery and enhancing global economic resilience, Nobel laureate and MIT professor Robert Merton said Friday. "Since late 2024, Koreans have experienced a rare and intense crisis marked by a constitutional challenge. This year, a new government has taken office, opening a new chapter full of challenges and opportunities," Merton virtually told an international conference hosted by the Institute for Global Economics (IGE).
According to Yonhap News Agency, Merton highlighted that the global economy is also facing multiple challenges, including rising inflation, supply chain issues, and shifting trade patterns, while global peace is "fragile" amid political changes and social tensions worldwide. "We must act urgently and together in this complex environment. Finance plays a crucial role when used wisely, as it can support and drive innovation and sustainable projects," Merton said.
Merton emphasized that South Korea's financial sector possesses strength and agility, suggesting it can lead the way in helping the nation recover and grow stronger. He called for its cooperation with other nations as "a valuable partner" in building a more resilient global economy. The conference, co-hosted by Woori Financial Group, brought together dozens of experts and officials from around the world to discuss the role of finance in South Korea's economic growth.