South Korea could revise downward its growth outlook for this year, the nation's top economic policymaker hinted Monday, citing lingering uncertainties at home and abroad.

"Overall, there are downside risks (on growth)," Finance Minister Bahk Jae-wan told a forum held in central Seoul. "We stick to our growth outlook at this moment but I think we should make an accurate forecast again later."

His remarks come after the government revised down its growth projection for this year from 5 percent to 4.5 percent in June. The revision was announced along with its economic management plan for the second half of this year, which puts more focus on taming inflation.

"Our economy is expected to remain on a robust recovery track but it is true that downside risks increased," Bahk said.

"In particular, if the global economic recovery slows down and the instability in the financial market prolongs, it could also have a negative impact on our economy," he added.

Bahk, however, expressed optimism over inflation, saying that it seems possible to achieve the nation's annual inflation target of 4 percent for this year.

South Korea's consumer prices, a major gauge of inflation, jumped 4.7 percent in July from a year earlier, quickening from the previous month's 4.4 percent gain.

The government earlier worried that consumer prices could hit a yearly high in August mainly due to spiking prices of agricultural products. The minister last week said that the August inflation could be "higher than expected."

Bahk noted that the government can still achieve the 4-percent target if inflation stabilizes at the 3-percent range in September and stay at that level for the remainder of this year. (Yonhap News)