Finance Minister: S. Korean Economy Needs More Time to Recover

Write : 2014-10-24 18:20:05 Update : 2014-10-24 18:22:06

Finance Minister: S. Korean Economy Needs More Time to Recover

Deputy Prime Minister and Finance Minister Choi Kyung-hwan said South Korea's economy needs more time to recover, commenting on the country's third quarter economic growth indicator released Friday.

During a parliamentary inspection on the finance ministry Friday, Choi said the country's third quarter growth has recovered to the pace exhibited in first quarter.

Choi said the government needs to take short-term and long-term measures at the same time to improve the economy's fundamentals, adding that the ministry is running a three-year economic reform plan to overhaul the economic structure.

Earlier Friday, the Bank of Korea announced South Korea's gross domestic product (GDP) grew zero-point-nine percent in the third quarter from the previous quarter. However, the economy posted its lowest growth on year in five quarters at only three-point-two percent on year.

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