SEOUL - The South Korean government said Sunday it saw low risks of global economic recession despite growing concerns over a possible double-dip recession in the United States and the potential spread of the European fiscal crisis.

According to the e-mailed statement by the Ministry of Strategy and Finance, senior government officials in charge of economic and monetary policies shared the view that the risk of the global economy entering into recession is low.

Global financial markets were shaken last week amid re-emerging concerns over the spreading of the European fiscal crisis and possible U.S. double-dip recession, but risks were eased as European leaders promised swift implementation of the Greece bailout package amid the announcement of better-than-expected employment data in the United States, according to the statement.

Officials said that the global credit rating agency Standard & Poor's lowered the US credit rating by one notch to AA-plus, but its direct impact on the U.S. government bonds will not be severe, adding that there is no change in the government's confidence in the U.S. Treasuries.

Meanwhile, vice finance ministers of the Group of 20 (G20) members held a teleconference Sunday to discuss measures to minimize potential shocks on the global financial markets, promising to strengthen their policy coordination down the road.