Deputy Prime Minister Choo Kyung-ho "Slightly Downgraded Economic Growth Forecast to 1.6%"

Deputy Prime Minister for Economy Choo Kyung-ho is attending the Economic Deputy Prime Minister Invitation Kwanhoon Debate held at the Press Center in Jung-gu, Seoul on the 8th. Photo by Yoon Dong-joo doso7@

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 8th, "At this point, I think we may need to slightly revise downward the current economic growth rate forecast of 1.6%."

On the same day, Deputy Prime Minister Choo said at the Kwanhun Forum held at the Press Center in Jung-gu, Seoul, "Many institutions have been revising their forecasts, recently presenting figures around 1.5%. When we present a new forecast around late June to early July, we will revise it by synthesizing various data and opinions," he said.

Deputy Prime Minister Choo explained, "The Ministry of Economy and Finance had forecast the economic growth rate at 1.6%, which was done in December last year," adding, "At that time, most international organizations and research institutes forecast South Korea's economic growth rate in the low to mid 2% range, with the harshest forecast being 1.8%." He continued, "Back then, there were remarks that the government was being overly conservative, but we said there was uncertainty even with that."

He also explained, "Our economy's potential growth rate is declining in the long term," adding, "That is why various institutions predict the potential growth rate to be between 1.1% and 1.8%." Deputy Prime Minister Choo emphasized, "We need to increase productivity, make the economy more flexible, and build capabilities to move toward a resilient economy."