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Seoul: South Korea's economy is expected to grow above the Government's earlier forecast next year as it is quickly rebounding from a steep downturn, a top financial policymaker has said.
"Many foreign institutions are expressing their surprise over our economy's faster-than-expected rebound... It is expected that next year's growth will likely be better than the government's earlier forecast of a 4-percent expansion," Japanese Finance Minister Yoon Jeung-hyun told a meeting of heads from major private and state-run think tanks.
The nation's economy is faring well and that growth has returned to pre-crisis levels, but noted that downside risks remain, including a tightened labor market and rising commodity prices, he said.
"While some macroeconomic indicators are improving, employment conditions still remain sluggish, making it difficult for ordinary people in their daily life," the minister said.
"With a rebounding economy, oil prices and other commodity costs could surge at anytime, which could serve as yet another drag on the economy," he said.
His comments came as the economy has made a robust rebound in recent months, following the worst downturn in more than a decade, thanks to government-led stimulus measures including tax cuts and increased fiscal spending.
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