The presidential office has assessed that economic uncertainties have grown bigger than expected, warning of a possibility of prolonged downside risks from external conditions.

Senior presidential secretary for economic affairs Yoon Jong-won gave the assessment on Sunday during a briefing on the current economic conditions and the government's related policy.

Yoon said that the slowing global economy and extending trade tensions are leading to a sharper contraction of global trade and manufacturing activities. The secretary said that the growth of the United States, China, and the eurozone appears to be slowing from 2018, increasing downside risks for South Korea.

Attributing the point-four percent contraction of the South Korean economy in the first quarter partly to these external factors, Yoon said he expects the growth rate will rebound in the second quarter.

The presidential secretary said employment conditions also remain uncertain in light of the downside risks although monthly job growth is posting around 200-thousand this year.

He said that the government will place a top priority on recovering economic vitality, stressing the need for policies to actively cope with downside risks.