South Korean president names new prime minister

Park’s chief public relations official Yoon Doo Hyun said on Friday that Lee Wan-koo had been named as the country’s new prime minister.
 
Lee, who currently serves as leader of the parliamentary floor, will replace Prime Minister Chung Hong-won.
 
    “I will devote myself to reviving the economy as prime minister after parliamentary confirmation,” Lee said at a press conference.
 
The outgoing prime minister tendered his resignation after claiming he was responsible for the mishandling a deadly ferry disaster last year, which led to the death of more than 300 people, mostly young students.
 
Chung had offered to step down following the tragedy, but he was forced to remain in office after two nominees withdrew their candidacy.
 
The latest move by the South Korean president comes as she has witnessed a significant drop in her public support ratings in recent days. Her approval rate fell from 43 percent on January 9 to an all-time low of 34 percent on January 22.
 
The severity of the drop in her popularity worsened after she rejected calls from critics to dismiss three long-time aides accused of monopolizing access to the president and influencing changes made in government affairs and personnel.
 
Recently released figures also show that growth in Asia’s fourth largest economy dropped to its lowest rate in six years, during the final quarter of 2014.
 
In South Korea, the president holds executive power, while the prime minister has limited responsibilities.