SEOUL - SOUTH Korea's presidential spokesman on Tuesday hinted there would be a reshuffle of top officials later this month as the unpopular government battles to prevent the economy from sliding into recession.

Local media have for days been predicting major changes, including Finance Minister Kang Man-soo who has attracted criticism for his handling of the impact from the global economic crisis that has seen South Korea's currency and share prices plunge.

At first denying any reshuffle, presidential spokesman Lee Dong-kwan went on to tell reporters: 'A reshuffle, if any, is more likely to take place after Lunar New Year's day (Jan 26).'

Some newspapers have speculated that the police chief and the head of National Intelligence Service would also be sacked, blamed in part for their handling of a wave of protests that plagued the early months in power of President Lee Myung-bak, who took office 11 months ago.

Though he won by the biggest majority in a democratic South Korean election, Mr Lee's popularity quickly fell on what were seen as a series of missteps during his transition period and then mass protests over an agreement to resume imports of US beef, long banned because of mad cow disease fears.

Mr Lee, whose current popularity rating is just over 20 per cent, won the election in large part on promises of sharply boosting growth in Asia's fourth largest economy.

The central bank now predicts 2 per cent growth this year, at best, and a number of economists say the economy could contract as export markets dry up and South Koreans rein in their spending in the face of the global downturn.

Economic growth last year was an estimated 3.6 per cent. -- REUTERS