ⓒYONHAP News

Finance Minister Hong Nam-ki says the government aims to achieve an annual growth rate of above two-point-two percent next year.

He held a news conference on Monday to mark the start of the second half of the Moon Jae-in administration.

While setting next year's target gross domestic product(GDP) growth rate at between two-point-two and two-point-three percent, Hong identified structural reform and boosting productivity as key economic priorities in the remaining two-and-a-half years of Moon's presidency.

While seeking ways to revitalize the trade-dependent South Korean economy, Hong said the government will make sure to improve the social safety net for those in need.

The finance minister said that a larger deficit in the consolidated central government balance is unavoidable in the short term as the government pursues an expansionary fiscal policy amid a global economic downturn.

Hong added that the government will announce its economic policies for next year in the latter half of December.