South Korea downgrades this year's growth target to 2%

Won weakens: Workers move bundles of South Korean 50,000 won banknotes into a truck at the Bank of Korea building in Seoul.

SEOUL: South Korea's finance minister said economic growth this year is expected to be around 2.0-2.1%, in line with projections by key international organisations but missing the ministry's target set in early July.

"I think this year's economic growth will be around the level of forecasts seen by the International Monetary Fund (IMF) and Organisation for Economic Cooperation and Development (OECD)," Finance Minister Hong Nam-ki told reporters on Friday at a media briefing on the sidelines of G20 meeting in Washington.