(MENAFN) South Korea's top economic policymaker said that an annual growth of 3.8 percent is attainable for this year, despite various challenges, Yonhap News reported.
The Bank of Korea lowered the country's growth estimate from 3.9 percent to 2.4 percent in January, while foreign investment banks forecast growth of 3.6 percent.
The policymaker pointed out that starting in the second half of last year, South Korea lowered its key rates and engaged in expansionary financial policies to spur growth.
"Such measures are expected to take effect," said the official, who doubles as deputy prime minister, stressing that there is bound to be some lag time between policy implementation and results.
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