Finance Minister Hong Nam-ki says the government will make its best effort to ensure the nation will achieve a growth rate this year similar to that of last year. 

The minister made the remarks to reporters on Tuesday after the International Monetary Fund(IMF) lowered its global economic growth outlook for this year from three-point-seven percent to three-point-five percent.

Following a meeting of senior officials from the presidential office, the government and the ruling party, Minister Hong said that the IMF's outlook cut was something expected. 

He said the global economy appears to be slowing more than expected, but the South Korean economy expanded two-point-seven percent last year. 

The minister added that last December, the government set a target growth rate of two-point-six percent to two-point-seven percent for 2019, but it will work to achieve above that target if the nation recovers its economic vitality more.