Finance minister warns of growing downside risks to exports, growth amid weak GDP data

SEOUL, Oct. 25 (Yonhap) -- Finance Minister Choi Sang-mok has warned of growing uncertainties regarding exports and downside risks to economic growth and vowed to respond with extra vigilance, his office said Friday.

Choi made the remarks during a meeting with reporters in Washington, D.C., on Thursday (U.S. time) after the Bank of Korea (BOK) data showed that the gross domestic product expanded 0.1 percent on-quarter in the July-September period, lower than market expectations.

"Downside risks regarding the prospect for this year's economic growth have grown," he was quoted as saying.

Choi, who is double-hatted as deputy prime minister, also hinted at a possible reduction to the government's growth forecast for the year, noting the government may revise its growth outlook when it reviews its economic policies in December.

The government earlier expected the economy to grow 2.6 percent in 2024, while the BOK presented a 2.4 percent expansion.

Regardless of the fourth-quarter data, however, this year's growth is expected to be still higher than the potential growth rate of 2 percent, Choi insisted.

As for exports, the minister pointed to growing uncertainties and said the government will respond "with extra vigilance."

graceoh@yna.co.kr
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