South Korean Commerce Minister Chung Se-kyun said Friday South Korea's economic growth will slow down in the second half of the year due to high oil prices and strong won against the U.S. dollar.

"Rising oil prices and the strengthening of the won will cause the economy to grow at a slower pace in the second half of the year," Chung said at a meeting with businessmen, saying that the oil price might soar to 80 U.S. dollars per barrel in the future.

"High oil prices and interest rate hikes in the U.S. may negatively affect our overseas sales," Chung added.

The local currency won has gained around 4 percent against the dollar so far this year, keeping it in check with last year's 4- percent overall gain.

The South Korean government has earlier expected that its economy will grow around 5 percent for 2006.

Source: Xinhua