South Korea's top central bank official says the country must undergo restructuring to overcome slow growth.

During a regular meeting on the nation's economic outlook at the Bank of Korea(BOK) on Wednesday, Governor Lee Ju-yeol said South Korea’s economy would be unable to enjoy continued growth without increasing productivity.

Lee also said productivity was responsible for only one-fourth of the country’s growth, among the three factors—capital, labor and productivity—that determine the potential growth rate. 

The BOK chief said Japan was forced to depend on increased productivity for growth in the face of the declining workforce due to factors such as an aging population. He noted that the neighboring nation had suffered difficulties because of its lack of structural reforms, hinting that the same struggles can be experienced in South Korea.