SEOUL, KOREA - Hyun Oh-seok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, said, "In the latter half of this year, we will be able to get out of the low-growth quagmire and achieve a 3-percent growth." He said this in a report to the National Assembly's Strategy and Finance Committee meeting, adding, "As long as the government can play the role of encouraging economic activities through a variety of stimulus tools, the 3-percent goal can be accomplished."
"The Bank of Korea cut the benchmark rate by 0.25 percentage point and raised the aggregate lending limit by 3 trillion won to help the government's effort to revive the economy," he said.
However, the uncertainties surrounding the economy are still with us, he commented. The sequestration negotiations in the United States are past their planned due date, with the Chinese economy sputtering and the Japanese economy still mired in deflation. He said that the Japanese economy's zero growth for eight consecutive quarters, as well as the slowing job market and the weak yen policy, is a serious risk factor for Korea.
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