The South Korean finance minister said on Monday it is too early to be optimistic about economic recovery, citing a sluggish labor market and weak corporate investment.

Although the country has recently showed "glimmers of hope," such as record-high current account surplus in March and stabilizing stock and currency markets, it is too early to become optimistic about the outlook for the South Korean economy, Finance Minister Yoon Jeung-hyun told a conference in Seoul.

The minister made the remarks as optimistic views are raised over the nation's economy, with the current account hitting a record high of US$6.6 billion in March.

Yoon pointed to high unemployment, idling factories and sluggish corporate investment as factors that dragged the economy down.

"The government will continue its efforts to create 'business friendly environment' for local and foreign companies, including removing regulations that hinder their business, in order to promote corporate activities and revive the sluggish economy," the minister said.

(Xinhua News Agency May 11, 2009)