South Korea's Economic Outlook

SEOUL (Reuters) – South Korea's finance minister stated that the downside risk to the government's forecast of 2.6% for this year's economic growth has increased, as reported by the Yonhap news agency on Friday.

Minister Choi Sang-mok mentioned in a meeting with reporters in Washington D.C. that economic growth is expected to remain above the potential growth rate.

International organizations, including 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%.

Recent data indicated that South Korea's economy saw minimal growth in the third quarter, with signs of recovery in consumer spending but a decline in exports.