South Korea's economic growth rate will stand at 5 percent this year, Deputy Finance Minister Kim Seok-dong said Wednesday.

"For the year, the economic growth rate will be near the growth potential of 5 percent," Kim said in an interview with a local radio station.

The economy is now backed by good exports and sound private spending, Kim said, adding that the economic recovery is not being directly felt in every sector.

However, Kim said the government is not preparing to carry out economy-boosting measures.

Although the rising oil prices are leaving negative effects on economy, "we are not considering changing our growth estimate for now given the global economy's sound growth," Kim said.

South Korea is the world's 10th largest economy with its Gross Domestic Product amounted to 793 billion U.S. dollars in 2005.

Source: Xinhua