Photo : KBS News
Finance Minister Choi Sang-mok has hinted that the government may adjust its growth outlook for this year in light of downside risks.
Speaking to South Korean correspondents in Washington on Thursday on the margins of the Group of 20 finance ministers’ meeting, Choi said such risks have increased and that the government may consider an adjustment when it reviews its economic policies in December.
Earlier, the Bank of Korea estimated that the real gross domestic product increased zero-point-one percent on-quarter in the July-September period, falling short of market expectations.
The government previously projected two-point-six percent growth for 2024.
Regardless of how the economy performs in the fourth quarter, the minister said this year’s growth is expected to exceed the two percent potential growth rate from the Organization for Economic Cooperation and Development.
Discussing exports, the minister pointed to growing uncertainties and said the government will respond with “extra vigilance.”