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South Korea finance minister sees political turmoil weighing on economic growth

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SEOUL — South Korea's finance minister said on Monday (Dec 23) some slowdown in economic growth would be unavoidable as the government prepares to revise forecasts for this year and next year due to the country's ongoing political turmoil.

Korean Finance Minister Choi Sang-mok speaks during a trilateral meeting with US Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki on the sidelines of the IMF/G20 meetings, at the US Treasury in Washington, US, April 17, 2024.SEOUL — South Korea's finance minister said on Monday some slowdown in economic growth would be unavoidable as the government prepares to revise forecasts for this year and next year due to the country's ongoing political turmoil.

"Due to many downside risks it is inevitable that next year's growth forecast will be lowered, and it is highly likely that it will fall slightly below the potential growth rate," Choi said, without elaborating on the country's potential growth rate.

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