South Korea's top economic policymaker said the country is unlikely to achieve its growth target this year, considering current economic conditions.

During a parliamentary audit on Wednesday, Finance Minister Hong Nam-ki explained that when revising the target in early July, the government had expected the trade conflict between the United States and China to ease, adding that it also came before Seoul's own trade row with Tokyo.

South Korea cut its growth outlook for this year to between two-point-four percent and two-point-five percent from its previous forecast of between two-point-six percent and two-point-seven percent, citing weak exports and sluggish investment.

The minister, however, said the government had no plans to downgrade the current growth target at present as it only presents such estimates twice a year.

When asked about shifting the government's economic policy paradigm of income-led growth, innovative growth and fair economy, Hong said the effects won't likely come in one to two years, but Seoul will continue to push forward with the policies.