The nominee for deputy prime minister for economic affairs has called for preemptively dealing with difficulties the economy faces, pointing to similarities between current economic conditions and the situation before the 1997 Asian currency crisis.

Right after the Cabinet reshuffle on Monday, Finance Minister-designate Yoo Il-ho addressed reporters who asked if the current economic conditions amount to a national emergency.

The ruling Saenuri Party lawmaker said that current economic conditions are not exactly the same as in the financial crises in 1997 and 2008, but there are similarities to the situation right before the 1997 crisis. 

The nominee vowed to maintain the economic policies of the Park Geun-hye government, stressing that he will work together with businesses, labor and households to revive the economy.

Yoo cited structural reforms as the most pressing economic issue, calling for the swift parliamentary passage of bills aimed at stimulating the economy and reforming labor structure.