November 2, 2017 / 7:48 AM / a year ago

South Korea's economic recovery not strong enough to be felt by many people yet: finance minister

South Korean Finance Minister Kim Dong-yeon in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas

SEOUL (Reuters) - South Korea’s economic recovery isn’t strong enough yet to be felt by many people, although it is on track to grow 3 percent this year, the finance minister said on Thursday.

“External risks have been easing, as the nation avoided the currency manipulator label by the U.S., but (the recovery) is not yet strong enough to be fully felt by the public,” Kim Dong-yeon said as he addressed a policy meeting with other ministers in Seoul.

Although South Korea’s economy saw the fastest growth in 7 years in the third quarter, the recovery still remains concentrated in export sectors such as memory chips and petrochemicals, while tourism and retail growth lagged.

Reporting by Shin-hyung Lee, Cynthia Kim; Editing by Kim Coghill

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