“The economy is expected to be in bad shape. Major institutions put our growth outlook at about one percent range,” Choo stated in a meeting presided by President Yoon Suk-yeol.

Forecasts indicate a worsening of exports as a result of slowdown in global trade and gloomy prospects for the semiconductor market, the South Korean official said at the meeting quoted by Yonhap news agency.

Faced with the difficult outlooks, the finance minister stated that the government would push forth measures to promote its products seeking price stability and employment, all affected by the high inflation that weighs down the nation’s economy. jrr/iff/mem/lrd