Finance minister Choo Kyung-ho says prospects for a global economic slowdown next year are overwhelming, adding the first half of 2023 will be particularly challenging.

The minister, who is visiting the U.S. to attend the G20 meeting of finance ministers and central bankers this week, presented the bleak outlook during a meeting with reporters in New York on Tuesday.

Minister Choo noted even the government's earlier forecast of a two-point-five percent growth next year will need to be revised down.

He said uncertainties and volatility increased in the financial and foreign exchange markets due to tighter monetary policies across the world to tame the worst inflation in 40 years.  

However, the minister rejected the possibility of a foreign currency crisis, warning against excessive fear in the market. He said that the nation is not facing another foreign currency crisis, noting that economic conditions are different compared to the crash of 2008.