South Korea's economy is showing signs of recovering from its prolonged slump, the country's top economic policymaker said Tuesday, citing the latest major indicators pointing to the overall improvement.
"Given major economic indicators, our economy is recently showing signs of recovering," Finance Minister Hyun Oh-seok said at a meeting with other government officials.
He cited a 1.8 percent growth in industrial output in August and the upward trend in home prices in Seoul and its surrounding areas following the government's pursuit of stimulating the property market as proof of his analysis.
His remarks are in line with the assessment of the state-run think tank Korea Development Institute in which it said that the economy seems to have entered a phase of a "gradual, moderate" recovery.
The country's gross domestic product grew 1.1 percent in the second quarter from three months earlier, quickening from a 0.8 percent on-quarter advance in the first quarter. This is the first time that the growth rate surpassed 1 percent in nine quarters.
Hyun noted that the Korean economy differentiates itself from other emerging Asian countries gripped by high anxiety, saying that foreign capital continues to flow into its financial market.
But he cited the government shutdown in Washington and tough conditions confronting some Korean companies at home and abroad as uncertain factors, promising that the government will continue to closely monitor market situations and strengthen its policy response.
In a bid to support companies, Hyun said that the government will continue to unveil a series of measures intended to enhance the overall investment environment in the corporate sector. The measures to be announced will be focused on increasing the competitiveness in the service industry, he added