During a Cabinet meeting Tuesday, President Park Geun-hye reaffirmed her confidence in Strategy and Finance Minister Hyun Oh-seok, who concurrently serves as deputy prime minister for economic affairs, saying he “has worked hard.”

Her remark subdued the speculation that the chief economic policymaker might be replaced in the face of mounting criticism that he has not shown effective leadership in steering the economy out of its prolonged slump.

It was the president herself that added fuel to the speculation earlier this month by rebuking him for the discord between ministries over the issue of lowering the acquisition tax imposed on home purchasers. Both the ruling and opposition parties have voiced dissatisfaction with his performance, with many lawmakers accusing him of taking too cautious an approach to urgent tasks and failing to coordinate on sensitive policy issues.

But Park dismissed such criticism during this week’s meeting with Cabinet members, saying Hyun has done a good job in coordinating policies and laying the groundwork for revitalizing investment. She went on to ask him to work harder in harmonizing economic policies.

In a possible suggestion that he had been informed of the president’s trust in him, Hyun told local media Monday that he would continue to focus on reinvigorating the slowing economy in the latter part of the year, not swayed by criticism against him.

As the president noted, it may be too early to give final judgment on the performance and ability of the minister, who has had less than four months to do his job.

To be fairer with him, it can be said that Hyun has been sandwiched between conflicting demands from the political circles and the president. Lawmakers have limited his options with legislative measures to curb the business activities of conglomerates. Park has left him with little leeway in fiscal management by sticking to her costly campaign pledges.

These restrictive circumstances, however, cannot be an excuse for what is at least partly justifiable criticism that he has failed to suggest long-term visions and effective policies or show determined leadership to overcome prolonged economic difficulties. What he should do now is to take strong initiatives in the direction of boosting the competitiveness and efficiency of the economy and, if necessary, persuade politicians and the president to back them up.