The nominee to lead South Korea's economy vowed Monday to take preemptive steps to help overcome the current economic difficulties.

"We should fully brace for" for things that are similar to the situation of the financial crisis that hit South Korea in 1997, Yoo Il-ho told reporters shortly after being tapped by President Park Geun-hye to be in charge of government policy on Asia's fourth-largest economy.

Yoo, a lawmaker of the ruling Saenuri Party, also pledged to maintain consistent implementation of the current economic policy.

The nominee, if confirmed by parliament, will also double as the deputy prime minister in charge of economic affairs and replace Choi Kyoung-hwan, who is expected to run for parliamentary elections in April.

Yoo "is the right person to pursue economic revitalization by successfully carrying out the government economic policy," Kim Sung-woo, chief presidential press secretary, told reporters.

Yoo served as the head of the Korea Institute of Public Finance and transportation minister.

The nominee must go through a parliamentary confirmation hearing, though his nomination is not subject to parliamentary approval. In South Korea, the prime minister is the only Cabinet post that requires such approval.

The Cabinet shake-up also affected the position of the education minister and the heads of three other ministries. (Yonhap)