The government’s growth outlook for next year is “neutral,” the finance minister said Wednesday, shrugging off criticism that the projection is too optimistic considering current economic conditions.

“It is a neutral position to predict that the economy will grow 3.9 percent next year,” Finance Minister Hyun Oh-seok told lawmakers during a parliamentary audit session held here.

The remarks came amid worries that the government’s growth forecast for next year might be too optimistic, compared with projections made by other think tanks and experts.

In its 2014 budget proposal, the government earlier anticipated that the local economy will grow 3.9 percent next year following a 2.7 percent gain this year.
The projection for next year is higher than the Bank of Korea’s 3.8 percent growth outlook and a 3.7 percent growth predicted by the International Monetary Fund. This raises criticism that the government’s growth estimate, which serves as a base for other projections such as next year’s tax revenue, is too optimistic to attain. (Yonhap News)