South Korea's Finance Minister: the economy will be stronger next year

By IBTimes Staff Reporter | October 12 2009 1:05 AM

The South Korea Finance Minister expected that the economy will be stronger next year as recovering world demand will support economic growth. He added that the South Korean economy still facing many uncertainties as it is dependant on exports, worth mentioning that the Korean economy expanded 2.6% in the second quarter backed by improving exports and advancing industrial production.

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The Finance Minister expected the economy to contract 1.5% this year, before it expands 4% during next year while he said that the economy needs an exit strategy from the expansionary policy. He added that the world economy will be stronger next year and economic conditions will improve.