South Korean Finance Minister Hong Nam-ki says he is not ruling out negative economic growth in the first quarter due to fallout from the coronavirus crisis.

In a meeting with foreign correspondents at the government complex in Seoul on Friday, Hong said given the pandemic’s ramifications on consumption, investment and exports, it's difficult to rule out the possibility. 

The minister refused to give an outlook on the country’s growth rate for the entire year, when asked by reporters, but indicated a need for various stimulus measures.

Hong said he would fully reveal his views in July, when he announces economic policies for the second half of the year. 

Hong also expressed some concerns over the virus’ impact on the global economy and estimated that worldwide difficulties could last three to four years. He said his initial projection of a U-shaped global economic recovery had been revised and was now V-shaped.