Finance minister Choo Kyung-ho said that the South Korean economy is expected to improve from the second half of the year.

The minister made the remarks to reporters on Thursday in Washington during his visit to the U.S. to attend the Group of 20 Finance Ministers and Central Bank Governors' meeting.

Minister Choo said that the government will stay alert and closely monitor market conditions as economic uncertainties remain high and there exist sources of financial instability.

Citing economic forecasts by the International Monetary Fund and other organizations, the minister said that the economy is expected to see more improvement in the second half rather than the first, and next year is projected to be better than this year.

Choo also said that confidence in the soundness of the South Korean financial market and institutions is quite high based on the opinions of credit rating agencies, adding that the government has enhanced measures to further improve.

The minister stressed that price stabilization remains a top policy priority, noting that they still remain very high despite an apparent easing of upward pressure.