South Korea‘s economic growth in this quarter is not as expected. The Korean Finance Minister, Hong Nam-ki addressed a group of 20 nation’s finance minister and central bank governors in Washington. He said that South Korea’s economic growth would most likely be the same as estimated by the IMF and the OECD. Earlier South Korean Government had expected the growth to be around 2.5% while the IMF and the OECD had stated it to be 2.1%. Hong claims the U.S. China Trade war has lowered the import demands in China. This has affected its neighboring countries.
Hong further added they are in plans to promote their services sector to boost the economy. Korean government wants to focus on biotechnology health businesses.