Finance Minister Hong Nam-ki says current economic conditions may be as grave as during the 2008 global financial crisis.

During a policy question and answer session in parliament on Monday, the finance chief was asked whether he agreed with the views of experts from home and abroad who assessed that current conditions for the South Korean economy are the most serious since the financial crisis ten years ago.

The minister said figures on global economic growth and growth in trade are in fact the lowest since 2008.

Hong cited the International Monetary Fund's 2020 growth forecast for China of five-point-eight percent, the first time ever it has dipped below six percent.

The minister said the slowdown in China will likely be a burden on South Korea, adding that it is true the U.S.-China trade war is dealing a blow to domestic exports since the two countries are Seoul's top trading partners.

Hong said domestic demand and investment have also been sluggish while consumer spending was posting relatively solid figures.