Finance Minister Choo Kyung-ho has warned the global economies will continue to face difficulties next year.

During a meeting of ministers in charge of economic affairs on Monday, Choo explained that it was becoming evident that major economies around the world were restructuring their supply chains to fortify the domestic market amid intensifying economic contraction, a trend that will highly likely pressure South Korea's economy and industries.

Regarding the U.S. Inflation Reduction Act, he said while Seoul will continue negotiations with Washington next year, it will also come up with specific countermeasures by closely communicating with domestic industries.

He added the ministry will devise measures to minimize the pressure on the economy especially with the European Union adopting domestically centered policies to respond to climate change and supply chain issues.