Finance Minister Hong Nam-ki said on Saturday that it is important to figure out how much to raise the economic growth rate for this year and the next, but more importantly, ways to raise the potential growth rate. 

In an interview with Yonhap News TV, Hong said the Korean economy's structural issues must be sorted out to explain the sharp fall in the potential growth rate.

He said the rate cannot be raised just through labor or capital input. He added that increasing productivity needs to be achieved for which innovative growth policies are pursued.

He vowed to push for structural reform in five key areas next year including industries, labor market and public sector.

Regarding South Korea's fiscal soundness, the minister said its ratio of debt to gross domestic product is relatively favorable compared to other countries in the OECD.

He said the government stance is to seek expansionary fiscal measures to support the sagging economy at the risk of gains in national debt.