Finance Minister Warns of Economic Risks Amid Weak GDP Growth

WASHINGTON: Finance Minister Choi Sang-mok has raised concerns about increasing uncertainties in exports and potential risks to economic growth, following the release of weak GDP data. Choi emphasized the need for heightened vigilance in response to these challenges, according to a statement from his office on Friday. According to Yonhap News Agency, Choi's comments came after a meeting with reporters in Washington, D.C., where he addressed the latest figures from the Bank of Korea. The data revealed that the country's gross domestic product grew by only 0.1 percent in the July-September quarter, falling short of market expectations. Choi noted that the risks to this year's economic growth outlook have intensified due to these results. Choi, who also serves as deputy prime minister, suggested that the government might revise its growth forecast for the year when it reviews economic policies in December. Initially, the government projected a 2.6 percent growth for 2024, while the Bank of Korea anticipated a 2.4 percent increase. Despite the disappointing third-quarter data, Choi maintained that this year's growth is likely to exceed the potential growth rate of 2 percent. Addressing export concerns, the minister highlighted the growing uncertainties in this sector and reiterated the government's commitment to respond with increased vigilance.