"The growth prediction could change when the government submits its 2012 budget plan to parliament," Finance Minister Bahk Jae-Wan told Yonhap News Agency. "It is so evident that there exist downside risks."

The ministry had projected 4.5 percent growth for this year and 4.8 percent in 2012.

Bahk's comments come as government around the world become increasingly concerned that the global economy is slowing down, with the United States and

eurozone particularly struggling while China has also seen some easing.

He said he would continue to make his top policy priority taming inflation and creating more jobs.

"However, the most serious concern is that it is not certain to what extent the global fiscal crisis will have an impact on the real sector of the world economy," he was quoted as saying.

This year South Korea has been dogged by persistently high inflation, which hit a three-year high of 5.3 percent in August, while the economy has slowed.

Copyright AFP (Agence France-Presse), 2011