Choi Sang-mok: "Last year's second quarter was the bottom... No concerns about economic recession"

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 28th, "The seasonally adjusted GDP for the second quarter of last year has hit bottom and is rising."

[Image source=Yonhap News]

Deputy Prime Minister Choi made this remark during the comprehensive audit of the National Assembly's Planning and Finance Committee on the same day. In response to a question from Lee In-seon, a member of the People Power Party, who said, "There are opinions that the economy might be heading into a recession as the GDP growth rate for the third quarter was only 0.1% compared to the previous quarter," Choi replied accordingly.

Choi explained, "We take the weaker-than-expected growth rate seriously," adding, "Domestic demand is recovering somewhat as expected, but there were temporary factors affecting exports."

He continued, "Regardless of how the numbers come out in the fourth quarter of this year, the annual growth rate for this year is expected to exceed the potential growth rate, so there is no need for excessive concern." He added, "However, since uncertainties have increased, we will do our best."

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