Choi Sang-mok said, "This year's growth rate increases downside risks...Alarmed by export uncertainty"

Regarding the breaking news of economic growth of 0.1% in the third quarter, Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok hinted at the possibility of lowering the government's forecast, saying downside risks have increased to this year's growth outlook.

Choi made the remarks during a meeting with a group of Korean reporters in Washington, D.C., where he visited to attend a meeting of finance ministers from 20 major countries.

Deputy Prime Minister Choi said the downside risk to this year's growth outlook has clearly increased, adding that he will do so then because he will revise this year's growth rate again when announcing the economic policy direction in December.

The government's forecast for annual growth is 2.6%.

Asked about concerns over an export peak due to the slowing Chinese economy and uncertainties in the U.S. presidential election, Deputy Prime Minister Choi said, "It is clear that export-related uncertainties have increased now," adding, "We will respond with caution."

Regarding the crisis theory of Samsung Electronics, which leads Korea's exports, he said, "Crisis means that there is also an opportunity."

The impact of the weaker-than-expected third-quarter growth on next year's national tax revenue forecast is "not very uncertain" because next year's corporate tax revenue is based on corporate earnings this year.

"No matter how the growth rate is in the fourth quarter of this year, it is expected to grow above the potential growth rate this year," Choi added.

The Organization for Economic Cooperation and Development (OECD) sees South Korea's potential economic growth rate of 2 percent this year.

Regarding the increased won-dollar exchange rate level, Deputy Prime Minister Choi said there are many factors that determine the exchange rate, adding that strong fundamentals do not always mean that the country's currency is strong.

Regarding the decision to include Korea's global government bond index, he said, "The funds to include the world government bond index are 'first-class'," adding that it expands the base of the foreign exchange market because it is a money that does not go well if you invest in the safest places.