The global economic slowdown may continue to weigh down on the South Korean economy for some time, effectively preventing the country’s economic recovery, the nation’s finance minister said Monday.

“Exports shrank for a second consecutive month in August as the economies of the United States, China and the eurozone continued to slow down,” Bahk Jae-wan was quoted as saying in a special meeting on economy revitalization.

The trade ministry earlier said the country’s exports dropped 6.2 percent from the same period last year to $42.9 billion in August with imports also slipping 9.8 percent on-year to $40.9 billion.

Bahk urged swift actions by the government to boost the country’s exports.

“Private companies stress the importance of the so-called ‘speed management’ to deal with swiftly changing conditions. The government, too, needs speedy measures to find solutions to problems facing the country,” he told the meeting, according to the Ministry of Strategy and Finance.

To help boost exports, especially by small and medium-sized businesses, the government will increase government guarantees on exports to 207 trillion won ($182.6 billion) from the current 200 trillion won this year, and to 220 trillion won in 2013, the ministry said.

Bahk noted the government may also consider temporarily suspending government regulations to help boost local spending, saying “reviving the market’s vitality is the easiest and surest way to revive the economy.” (Yonhap News)