South Korea appears to be rethinking its economic outlook and moving away from its previous projection of a one-point-one percent contraction this year in consideration of the latest wave in the COVID-19 epidemic. 

At a macroeconomic finance meeting on Tuesday, First Vice Finance Minister Kim Yong-beom said he expects the nation to post a contraction in the one-percent range this year.

This contrasts with the specific figure mentioned during the government's 2021 economic policy announcement last week, predicated on the epidemic being somewhat contained.

Kim, meanwhile, projected the South Korean economy, which managed to stay closest to its pre-coronavirus state compared to other members of the Organization for Economic Cooperation and Development(OECD), to rank among the world's top ten economies.

The vice minister forecast the economy to expand three-point-two percent in 2021.

Referring to the prolonged global pandemic and other external variables, such as the Sino-U.S. trade row, Kim vowed to thoroughly manage market liquidity to help increase the inclusivity and productivity of the South Korean economy.