SEOUL: South Korean President Yoon Suk Yeol urged members of his cabinet on Tuesday to make an all-out effort to support an economic recovery and to stabilise the livelihoods of people.

Yoon made the remark during a cabinet meeting as he vowed to support corporations that he credited for creating jobs.

“Inflation rates seem to have slowed down and the trade balance seems to be improving greatly,” he told his cabinet.

Yoon said 30 companies had attracted 6.6 trillion won ($5.07 billion) of investment over the last year under his administration, touting his recent trips to France and Vietnam.

He was accompanied by a 205-strong business delegation during his trip to Hanoi.

South Korea’s consumer inflation eased for a fourth consecutive month in May to the lowest in 19 months but core inflation remained elevated, clouding views on whether the central bank may start to cut interest rates soon to boost economic growth.