Finance Minister Hong Nam Ki said on Monday that the government has no plans to revise the country's growth target despite an economic slowdown.

In a meeting with officials in Seoul, the minister said that the government would consider the matter along with other issues when it announces its economic policy direction in the second half of this year, but that it has no plans to adjust the growth target at the moment. 

The government projects the economy will grow between two-point-six percent and two-point-seven percent this year. 

Hong's comments came days after the Bank of Korea estimated that the country's gross domestic product contracted point-three percent in the first quarter from the previous quarter, marking the worst such performance in a decade.