South Korea's Economy Might Be Headed For A' Consumption Cliff', National Statistical Office Suggests

Outgoing Finance Minister Choi Kyung Hwan defends his manner of handling issues involving South Korea's economy during a meeting last week where ministers in the economy sect convened, Korea Herald reported Monday. 

The current deputy prime minister for economic affairs proudly said that the country's economy growth rate last year, which saw 3.3 percent from 2014, still holds the third highest spot among major countries with a per capita income of more than $20,000.

South Korean policymakers see the economy's growth rate rising up to to 3.1 percent this year due to an increase in domestic consumption that will help further improve its growth

According to the data released by the National Statistical Office,  the country's economy might be "pushed over a consumption cliff" earlier this year.

Finance Minister Choi said in previous reports that South Korea's economy could observe a four percent increase in 2015. However, figures released by the Ministry of Trade, Industry and Energy on Friday, show that exports fell by 7.9 percent, while the country's imports plummeted to about 16.9 percent.

Reports say it may be inevitable that the South Korean economy will be "pushed to the brink of a cliff" as a result of urging consumers to use up their money in advance.

The government also stated that it would frontload nearly 30 percent of fiscal spending during the first quarter, in an effort to avoid a decline in domestic demand.

Outgoing finance minister Choi said that he is willing to exert all of his efforts in helping his successor get the South Korean economy back in shape.