Finance Minister Choi Sang-mok assessed that overall economic dynamics have declined due largely to weakened growth momentum and stagnation in productivity.

At a policy briefing to the parliamentary Strategy and Finance Committee on Monday, Choi gave the assessment, adding that small business owners' economic sentiments remain pessimistic due to inflation, high interests, and different pace of recovery in exports and domestic demand.

The minister said the government intends to exert full efforts toward stabilizing the livelihood economy and recovery, while pushing for structural reforms aimed at enhancing people's quality of life and economic sustainability. 

He also pledged to enforce measures to stabilize prices, reduce living expenses, and to better contain the rising household debt.

The minister, meanwhile, forecast the economy to expand two-point-six percent this year, citing slowing inflation and recoveries in exports and the manufacturing sector.