The bank added that if 2021, growth comes in closer to 6pc, recovery to the pre-pandemic level would likely be delayed until the second quarter of 2022 or even later.
Kim also emphasized the need to "further enhance the strategic position and active role" of the North, while creating a "favorable external climate" on its own initiatives, KCNA said.
Analysts and former policymakers have floated similar ideas. Former BOJ executive Shigeki Kushida proposed selling the bank's ETF holdings to the public instead of to the market.
The government has come under political pressure to water down an already stretched fiscal target this year as the cost to combat the health crisis accumulates.
Dozens of politicians were murdered in the months leading up to the polls for the lower house, 15 of 32 state governors and thousands of local politicians.
According to him, over the last few weeks tour operators in Britain, France and Germany -- Spain's three main markets -- have been receiving a large number of enquiries.