South Korea's Finance Minister Hong Nam-ki forecast the economy could expand in the mid- to upper-three-percent range this year, surpassing the government's growth outlook of three-point-two percent.

Hong made the projection on social media Tuesday, assessing that the Bank of Korea’s(BOK) estimated growth rate for the first quarter hitting one-point-six percent on-quarter exceeds domestic and overseas expectations.

Referring to how global agencies and investment banks had set South Korea's growth forecast in the upper zero-percent to one-percent range, Hong stressed that the recovery of key indicators is faster and steeper than market expectation.

Along with the first quarter growth, the minister cited accelerated global recovery and exports between April 1 and 20 rising 45-point-four percent as factors that will likely contribute to the mid- to upper-three-percent growth.

Hong, however, added that the nation also faces the task of having small businesses overcome the COVID-19 crisis and revitalizing the employment market to create jobs for young people and women.