Bank of Korea Governor Lee Ju-yeol has cautiously said he believes the nation’s economy is hitting bottom. 

Lee made the remarks in a news conference on Friday after chairing a monetary policy meeting in Seoul. 

The central bank chief said that despite some possible minor fluctuations, the nation's economy is unlikely to see any major changes overall.

Lee said starting from the middle of next year, the economy is expected to improve, backed by exports and facility investment, as global uncertainties are expected to ease and information technology businesses are likely to recover.

However, Lee was quick to add that when considering that next year’s economic growth outlook falls below the potential growth rate, it’s difficult to say that momentum for national growth is strong.