SEOUL: South Korea's finance minister Choi Kyung-hwan said on Thursday during a parliament session that the government's growth forecast for 2014, currently at 3.9 percent, will be cut by more than 0.2 percentage points. Choi did not say when the change would be made.

This compares with the Bank of Korea's decision earlier this month to cut its growth forecast to 3.8 percent from its previous forecast of 4.0 percent.