A director at the International Monetary Fund(IMF) has warned that South Korea may face a protracted recession.

Rhee Chang-yong, director of the IMF's Asia and Pacific department, issued the warning on Tuesday in a forum hosted by the Korean Economic Association in Seoul.

Rhee said that South Korea may face a protracted recession like the one seen in Japan in a few years due to demographics.

He noted that the economically active population is decreasing and voiced concerns on the possible rise in the number of poor elderly people.

Rhee said that the country needs to consider its three-percent growth as decent, adding things are different now and the figure cannot be considered low when looking at the international picture.