Finance Minister Choi Kyung-hwan said Tuesday that South Korea’s economy will post nominal growth of four-point-two percent next year, calling it a conservative target.
 
Choi made the remark during a full session of the National Assembly’s Strategy and Finance Committee after being asked if there is a need to further lower next year’s economic growth outlook.
 
The deputy prime minister for economic affairs said the projected four-point-two percent was set in a more conservative manner than international organizations.
 
While acknowledging that the government’s real economic growth projection for next year is higher than that of international organizations, Choi said the nominal outlook is lower than those of international bodies.
 
The International Monetary Fund’s forecast for South Korea’s 2016 nominal economic growth is five-point-eight percent and the Organization for Economic Cooperation and Development’s projection is four-point-seven percent.