SEOUL, KOREA - Hyun Oh-seok, Deputy Prime Minister for Economic Affairs and Minister of Strategy & Finance, was bullish enough to say, "We can achieve the goal of 3.9 percent economic growth next year."

 

He said this on October 31 in a parliamentary inspection on the Strategy and Finance Committee, "Policy makers must be able to watch the economy in a humble, unbiased manner. Although not yet clear how fast it will be, the current economic situation is unmistakably a recovery phase."

 

As evidence for his prognosis, he gave examples such as the recent industrial activity, jobs number, and export growth pace. He also said that the policy measures taken in the first half are taking effects in the fourth quarter this year and the first quarter in 2014.

 

Mr. Hyun also underscored his point by saying several indicators related to psychological factors are showing signs of improving. Earlier the government had revised its growth forecast for the year at 2.7 percent and the next at 3.9 percent.