SEJONG: South Korea's finance minister said on Thursday the economy faces downside risks, possibly endangering the government's growth target of 3.7 percent for this year.
"Growth in the first half of the year has been weak, so although we target 3.7 percent growth for this year, there are downside risks," Finance Minister Choi Kyung-hwan told lawmakers during a parliamentary audit in the ministry's headquarters in Sejong. "Although there are risks, we plan to make our utmost efforts to achieve that goal," he said.
Choi's was commenting in response to a question on the Bank of Korea downgrading its growth forecast for this year to 3.5 percent from 3.8 percent on Wednesday, after it slashed interest rates from 2.25 percent to 2.0 percent.
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