SEOUL: The International Monetary Fund said South Korea's growth outlook this year faces a great deal of uncertainties, although it will receive a boost from low oil prices while the government has monetary, fiscal space to take action if needed.

The IMF mission to South Korea said in a statement after its annual meeting with local authorities that enhanced buffers in Asia's fourth-largest economy would help limit impacts from external volatility.

It also said South Korea should begin far-reaching reforms now to pursue long-term growth.

Copyright Reuters, 2015