Finance Minister Choi Kyung-hwan says the South Korean economy would have been able to grow four percent this year if exports had been more robust.
 
The minister made the remark during a year-end meeting with reporters on Thursday, dismissing accusations that the country may soon face its worst economic situation since the Asian financial crisis in the late 1990s.
 
Choi said it is difficult to overcome the declining trade around the world only through the efforts of a single country, expressing regret that sluggish exports have kept the economy from growing further.
 
He said that since taking office last year, he has been in a constant state of tension thinking and worrying about the various factors that could influence the domestic economy, adding that his stint as Finance Minister over the past one and a half years felt like ten.
 
Choi predicted that it is unlikely the South Korean economy will face more favorable external conditions next year, saying the country needs to stay alert about uncertainties, including an expected interest rate hike in the U.S.