Finance Minister Hong Nam-ki says he is confident that the country's economy could rebound this year, citing a modest recovery in private investment and consumption in the final quarter of last year.
Hong made the remarks as the Bank of Korea reported that the economy grew 2 percent last year, marking the slowest growth in a decade but matching the central bank's projection.
The economy expanded 1.2 percent in the fourth quarter of last year, marking the fastest growth since the third quarter of 2017.
Hong said, regarding the 2 percent growth last year, it is meaningful that the economy defended its psychological Maginot Line.
In the final quarter of last year, private consumption grew 0.7 percent on-quarter and construction investment surged 6.3 percent.
Hong said such positive readings will "establish a foothold" for the economy to regain its growth momentum.■
<Photo: Yonhap News>
