South Korea expects to see effect of low oil prices over medium-term

SEOUL: South Korea's economy is expected to see definite effects from low global oil prices over the medium-term, its vice finance minister said on Tuesday.

"About $33 billion is estimated in income transfer from oil producing countries to flow into South Korea," said Vice Finance Minister Joo Hyung-hwan on the sidelines of an event in Seoul.

Joo added that lower oil prices should trickle down to consumption and investment, but that had yet to be seen in the local economy.