Economy and Finance Minister Hong Nam-ki says the domestic economy has been rebounding since the second quarter and will be affirmed through forthcoming indices of economic activities. 

Hong gave his assurance during a parliamentary interpellation session on Wednesday, addressing concerns about the economic contraction early this year. South Korea’s economy shrank zero-point-four percent in the first quarter from the previous quarter, marking the worst such contraction since the 2007-2008 global financial crisis.

The minister also acknowledged challenges to significantly resolve current economic difficulties, pointing to global economic uncertainties and sluggishness in domestic investment and exports as some of the most notable factors. 

He vowed the government will focus on reviving the private sector and boosting exports.