Mr. Yoon Jeung, South Korea’s finance minister, said in Seoul that the Korean economy may grow during the third quarter of the year at a slower pace than the second quarter due to “one time factors” such as government stimulus plans that helped the economy grow 2.6% during the second quarter.

Mr. Yoon expects the debt-to-GDP ratio to reach 40% at least during 2010 and 2011 whereas he believes the ratio is to reach 35%-36^% during this year. He also stated that the economy continues to face downside risks and uncertainty which may push the government to maintain the current monetary policy to support the economy as he believe the economy is to contract 1.5% during this year.