Finance minister Choo Kyung-ho said the government is in sync with and fully trusts the Bank of Korea's(BOK) decision of the previous day to take another "big step" of a zero-point-five-percent interest rate hike.

Choo, who is in Washington to attend a Group of 20(G20) meeting of finance chiefs and central bankers, said on Wednesday local time that curbing inflation is of utmost priority and the way to do so is through interest rate adjustments.

The minister said the rate hike is also linked to offset volatility triggered by the rapidly weakened Korean won against the greenback.

Choo, however, called attention to vulnerable areas, adding that the government and the central bank will introduce support programs for the socially vulnerable and take short-term measures to stabilize the markets.

As for next year, the minister forecast the economy to weaken from this year and projected growth to further slow from the government's previous outlook of two-point-five percent.