SEOUL : South Korea’s finance minister said the downside risk to the government’s forecast of 2.6 per cent for this year’s economic growth had expanded, the Yonhap news agency reported on Friday.
Economic growth is likely to be still higher than the potential growth rate, Minister Choi Sang-mok said in a meeting with reporters in Washington D.C., according to the report.
International organisations, such as the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD), estimate South Korea’s annual potential growth rate to be around 2 per cent. South Korea’s economy barely grew in the third quarter as consumer spending showed signs of recovery but exports declined, data showed on Thursday.
