South Korea's economic downturn has not yet hit bottom and the private sector might not resume driving the country's growth until next year, says Yoon Jeung-hyun, the finance minister
Mr Yoon told the Financial Times yesterday he is “cautiously optimistic” about growth prospects after the economy narrowly avoided recession by growing 0.1 per cent in the first quarter from the previous three months. The minister hopes Asia's fourth biggest economy can outperform a forecast 2 per cent contraction this year and announce robust 4 per cent growth next year.
He warns, though, that the meagre first-quarter growth result depended on heavy government stimulus measures.
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