Finance Minister Choi Kyung-hwan has said that the path to reform may face resistance, but that South Korea will eventually overcome all hardships.
 
He made the remark on Friday at an event marking the publication of the "Korean Miracle 3," a report on the nation's economic development issued by the Korea Development Institute (KDI).
 
Choi said South Korea has the unique experience of achieving economic development that no other country has done. 
 
The minister said the country's decision to foster heavy chemical industries while still relying on foreign aid may have appeared to be a reckless move in the past, but that thanks to the officials who made the level-headed decision, South Korea achieved economic development.
 
Choi said the South Korean economy faces new challenges now, stressing the importance of structural reform and revamping economic fundamentals.
 
He added that in the future the Cabinet's economic team may have to chart out a new path that cannot be found on maps.